Sandra Bullock and Nicole Kidman Set to Reunite for Practical Magic Sequel

Sandra Bullock and Nicole Kidman may be bringing some more Practical Magic to the world!

PEOPLE has learned that "deals are in process" for the two stars to return for a sequel to the beloved 1998 film.

Furthermore, Akiva Goldsman (A Beautiful Mind) has been tapped to write the screenplay, with Bullock and Kidman expected to produce the hotly-anticipated new project with Denise Di Novi.

Speculation that something was happening began when it was revealed at midnight on June 9 that the first Practical Magic is now available digitally and to stream on Max in an apparent nod to the original film's famous "midnight margaritas" scene.

Back in 2019, HBO attempted a reboot of the Practical Magic title with a series titled Rules of Magic, which was supposed to be based on Hoffman’s prequel novel, per Variety. However, that show never fully materialized.

In the original Practical Magic, which is based on the 1995 novel by Alice Hoffman of the same name, Bullock and Kidman star as the Owens sisters, witches who face a family curse preventing them from ever finding lasting love by killing off the men they're involved with.

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After Practical Magic's 1998 premiere, the fantasy film adaptation has remained a fan-favorite over two decades later — even among its A-list cast.

"I love that movie," Kidman recalled during a brief reunion with her former costar at the Academy Awards in 2018. "I showed that movie to my kids. It's a little above their [level of understanding] … But we're really good sisters."

For her part, Bullock recounted her favorite scene from the supernatural flick, the singular and oft-talked about "midnight margaritas" scene, where Bullock and Kidman apparently got tipsy while filming. 

"We were talking about when we shot [Practical Magic] together, and we asked her to get the tequila; she came back with her own tequila, but we drank it anyway. We were a little drunk," Bullock said. 

Practical Magic is available to stream on Max now.