Los Angeles, July 8 -- There's an exciting update for the fans of the 'Dune' franchise.

The new installment in Denis Villeneuve's epic sci-fi franchise has been officially titled "Dune: Part Three', as per Variety.

The film will also include sequences shot with Imax cameras. However, "Dune: Part Three" will not be entirely shot with Imax cameras, following in the footsteps of Christopher Nolan's "The Odyssey," which is the first and so far only film to be produced that way.

In an interview on CNBC, Imax CEO Richard Gelfond seemed to suggest that the next "Dune" would be filmed entirely with the company's proprietary cameras, but it appears he misspoke.

During the end of the interview, Gelfond was asked about Villeneuve being hired by ...