Sony Pictures

The next James Bond movie is expected within three years, says movie studio MGM. Chairman and CEO Gary Barber also stated that he expects to announce a new director for the series soon.

“Skyfall” director Sam Mendes decided to pass on directing the next Bond film.

"We are very excited about the franchise. We look forward to announcing a director soon," Barber told Reuters on Tuesday. "We are currently developing the screenplay and working with our partners. We look forward to developing the script soon and signing a director. We are hoping within the next three years it will be released.”

Besides saying the next Bond film could be out within three years, Barber did not offer many other details to journalists at Tuesday’s press conference.

While the director for a “Skyfall” sequel may be up in the air, star Daniel Craig has already signed on for two more Bond films, ensuring that he will continue to play 007 in the series’ 24th and 25th installments, barring an unlikely event such as Craig being bought out of the contract.

Barber did state that Mendes "did an amazing job on 'Skyfall'. We are very thankful for the work that he did."

“Skyfall” was the most commercially successful James Bond movie in the series' 50-year history. The film topped $1 billion at the global box office, though Mendes has declined to work on a sequel in favor of theater projects.

MGM also stated that 2012’s films “Skyfall” and “The Hobbit: An Unexpected Journey” were so profitable that the studio’s income increased threefold in 2012.