Last week, Deadline reported that a sequel to Warner Bros' 1996 animated film "Space Jam" is currently in the works. Charlie Ebersol, known for his "NFL Characters Unite" series, is working with his production company, The Company, to produce the upcoming sequel. The script for "Space Jam 2" was drafted by his brother Willie.

The studio is also eyeing NBA superstar LeBron James to team up with Bugs Bunny and his gang in the upcoming film. Rumors are also going around that James will be starring alongside Kevin Hart in the sequel. Even though the actor only stands at five feet and two inches, don't discount Hart's ability to face-off against the towering Monstars. He has proven his (comedic) worth in the court by winning his third MVP award during the NBA All-Star weekend.

But sadly, Huffington Post reported that there is no "Space Jam 2" currently in production. ESPN's Brian Windhorst even tweeted last Feb. 21, "Well it was fun while it lasted. LeBron sources refute Deadline report, there's no Space Jam 2 or Warner Bro. project in works."

According to For The Win, a source who has "knowledge of the situation" approached Sam Amick of USA Today Sports and said the Miami Heat star has not entered any discussions regarding his participation in a "Space Jam" sequel.

The good news, though, is that movie and basketball fans will still get to see James and Hart team up in the upcoming film "Ballers". The two will be paired up as siblings with Hart's character living in the shadow of his brother who's an NBA superstar. "Ballers", which is going to be James' film debut, will start shooting in the summer of this year.

So, for all the 90's kids out there who were heartbroken by the news about the "Space Jam" sequel, here's something that could help ease the pain: a nostalgic music video from the movie's soundtrack featuring an all-star collaboration of rappers.