The third instalment in the popular five-part Fantastic Beasts series is set to be released in the fall of 2021, Warner Bros. has announced.

While production on the movie has reportedly not yet begun, it is expected to start in the spring of 2020.

"We are incredibly excited about and have confidence in the ‘Fantastic Beasts’ series," said Toby Emmerich, Warner Bros. Pictures Group chairman, in a statement.

"We all believe this release date will give the filmmakers time and space to allow their artistry to truly flourish and deliver the best possible film to our fans."

Watch the trailer of the first movie in the Fantastic Beasts franchise:

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Set in the 1920s, the Harry Potter spinoff centres around Newt Scamander, a gentle, ever so slightly socially awkward wizard, played by Oscar-winning actor Eddie Redmayne.

The former Hogwarts student has a special connection with magical creatures, stemming from his mother's breeding of hippogriffs.

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His loyalty and hard-working nature had always been recognised, with Newt being sorted into Hufflepuff House. He was, however, expelled from Hogwarts - in spite of his innocence.

Fans have been rooting for the lovable wizard since the very first film, released back in 2016.

In the second movie, Dark Wizard Gellert Grindelwald begins his rise to power - Newt and Albus Dumbledore (played by Jude Law) having failed to defeat him.

Here's the trailer to Fantastic Beasts: The Crimes of Grindelwald:

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Fans will be waiting eagerly for the release of the third movie on November 12, 2021.

And Ron Sanders, Warner Bros. president of worldwide theatrical distribution and home entertainment, had this to say about the upcoming release:

"J.K. Rowling created an awe-inspiring universe that has captivated people of all ages, taking us on an extraordinary magical journey.

Warner Bros. is so proud to be the cinematic home of the Wizarding World and is excited about the future of the ‘Fantastic Beasts’ franchise. We look forward to bringing the third chapter of the five-film series to audiences around the globe in November 2021."

The first movie in the franchise was an instant success, raking in $814 million worldwide. The sequel, Fantastic Beasts: The Crimes of Grindelwald, was less of a hit at the Box Office, but did manage to bring in $653 million.

'Fantastic Beasts 3' gets fall 2021 release date