Put your flagpoles on ice, because I have some great news for the holidays!

Fox has chosen the holiday classic A Christmas Story for its next live musical event, the network announced Friday. The three-hour production will air live this December. Fox's version will be based on both the 1983 film and the stage production of A Christmas Story.

Though no cast has been announced yet, Fox did reveal that Marc Platt, the man behind Grease: Live and a producer on Oscar winner La La Land, will shepherd the Fox musical. Benj Pasek and Justin Paul, who wrote lyrics for La La Land's award-winning song "City of Stars" will write several new songs for Fox's A Christmas Story.

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A Christmas Story follows young Ralphie through the holidays as he tries to get his cherished gift, a BB gun. Along the way, he evades bullies, gets his mouth washed out with soap and has a run-in with the local mall Santa.

Fox is expected to announce its full 2017-2018 schedule on Monday, May 15.