Will Ferrell announces 'Anchorman' sequel in the works

Ron Burgundy is making a comeback.

Comedian Will Ferrell appeared as San Diego-based local news anchor Burgundy -- the star of 2004's hit movie "Anchorman" -- on Wednesday night's episode of Conan O'Brien's TBS talk show, announcing that a sequel is in the works, the New York Post reported.

Ferrell entered playing the jazz flute, then slipped in some insults at the host.

"You look like someone put a bright-red fright wig on a skeleton and chucked it out of a helicopter," Ferrell told O'Brien.

Then, the announcement -- one that fans have been hoping for since the scotch-guzzling, foul-mouthed 1970s local TV news anchor graced the silver screen.

"Paramount Pictures and myself, Ronald Joseph Aaron Burgundy, have come to terms on a sequel to 'Anchorman,'" Ferrell said, as the crowd erupted in applause. "There will be a sequel."

The original movie, directed by Adam McKay, co-starred Christina Applegate, Paul Rudd, David Koechner, Steve Carell and Fred Willard.

According to Deadline.com, Carell, Rudd and Koechner will return -- rounding out the Action 4 News Team.

Ferrell's rep also told The Wall Street Journal that McKay will direct the new movie, there won't be a "2" in the title and Ferrell and McKay are writing the script together.

The first film grossed more than $90 million in the United States and helped introduce catchphrases like "You stay classy, San Diego" and "I love lamp" into common use.