The internet exploded last Tuesday, June 16, with the news that a new "Princess Diaries" movie was in the works. Countless fans looked forward to seeing Anne Hathaway and Julie Andrews reprise their royal roles.  

Unfortunately, it looks like fans will not be returning to Genovia anytime soon as studio executives immediately quashed the rumors.

The rumors started swirling when "Tracking Board" reported that "Princess Diaries" might hit theaters soon, with Debra Chase back as producer. The website implied that the new film might be a reboot and mentioned that Anne Hathaway has not signed up for it yet.

A tweet by one of the stars of the movie certainly helped fan the flames so it spread faster.

Heather Matarazzo, who portrayed Hathaway's best friend Lily Moscovitz in the movie, retweeted an article about the alleged third installment of the "Princess Diaries" and wrote "Well here is some good news for #PrincessDiaries fans."

However, a Disney insider was quick to comment that the movie is not being developed.

Matarazzo and Andrews are open to doing another round but it seems unlikely that Hathaway would be interested in doing another "Princess Diaries" project. The award-winning actress was 18 when she was catapulted into fame as Princess Mia Thermopolis and inspired millions of young girls all over the world.

But while the movie pushed her in the public eye, it also made looking for work a challenge for the actress. In an interview she gave to "Glamour" in 2012, the "Les Miserables" actress admitted that she was stuck with the good girl label after the movie and "for the first eight years of my career I had to fight to get any other kind of job."

The "Princess Diaries" was based on Meg Cabot's novels of the same name. The first movie was released in 2001 and the sequel, "The Princess Diaries 2: Royal Engagement," opened in 2004.