The proposed sequel to “Dumb and Dumber” is back on.

Just ten days after being dumped by Warner Bros., Universal Pictures and Red Granite have swooped in and saved “Dumb And Dumber To,” the sequel to the beloved 1994 comedy. The former will handle domestic distribution for the film, while the latter will oversee the $35 million budget and foreign markets, reports Deadline.

The highly-anticipated film will reunite co-stars Jim Carrey and Jeff Daniels with directors Peter and Bobby Farrelly, who are basing the film on their rewrite of a script by Sean Anders and John Morris.

"Jim has been against all sequels, and you know, understandably so. ... But he turned 50 and that will mellow you out, and suddenly he's going, 'Let's have some fun. ... Come on,' and we're going, 'Great,' and so the Farrellys said, 'This isn't a money grab. Let's really write a great second movie that takes the original and then blows it up even further, and so I think they did that," Jeff Daniels told The Associated Press on Wednesday.

"We're middle-aged and still that stupid. Our IQ has not gone up one point combined," Daniels continued. "So it's a frightening thing. You're gonna see the two of us standing there trying to put thoughts together and you want to put underneath, 'Kids don't do this at home.' It's that stupid."

The announcement is welcome news for longtime fans, many of whom have been clamoring for a sequel for the last several years.

In an interview on the popular Nerdist podcast, Peter Farrelly revealed that shooting will begin in August, with hopes of releasing the film in time for a summer 2014 release.

As Deadline notes, it was now or never for “Dumb And Dumber To.” This fall, Daniels will return to HBO to begin filming the third season of “The Newsroom,” while Carrey is set to shoot a new comedy with Owen Wilson. Summer was the only free window in each of their respective schedules.

Devotees will be waiting with baited breath to see if the team of Carrey, Daniels, and The Farrellys can recapture the magic.