'Magic Mike 3' in the works with Channing Tatum

Hollywood star Channing Tatum and director Steven Soderbergh will reunite for 'Magic Mike's Last Dance', the third installment of the male stripper saga 'Magic Mike'.

The film is not playing in theatres and instead will premiere directly on HBO Max, the streaming service owned by WarnerMedia.

Reid Carolin, who wrote the first two movies, is returning to pen the newest entry about Tatum's character Mike Lane. Though plot details for the next chapter have not been revealed, it is expected to wrap a bow on the trilogy, reports variety.com.

'Magic Mike XXL' director Gregory Jacobs is producing 'Magic Mike's Last Dance' with Carolin, Nick Wechsler and Peter Kiernan.

Confirming the news on Twitter, Tatum shared a picture of his script with the caption: "Well world, looks like Mike Lane's tapping back in."

He elaborated on his excitement in a statement to Variety, writing: "There are no words for how excited I am to blow the doors off of the world of 'Magic Mike' with Steven, Greg, Reid and the amazing people at HBO Max. The stripperverse will never be the same.

'Magic Mike' is loosely based on Tatum's experiences as an 18-year-old stripper in Tampa, Florida.

The original 2012 movie proved to be more than a shameless cash-grab for audiences to watch a shirtless Tatum, accompanied by muscular co-stars Alex Pettyfer, Matt Bomer, Joe Manganiello and Matthew McConaughey, bump and grind on screen.

A sequel, 'Magic Mike XXL', was released in 2015 without Soderbergh at the helm.

"Is there anybody on screen more charismatic and appealing than Magic Mike?" said Toby Emmerich, the chairman of Warner Bros. Pictures Group.

"We're thrilled to be back in business with Channing, Steven and their creative team to bring back Magic Mike's wonderful combination of dance, drama, romance and humour."

The franchise proved to be lucrative beyond the big screen.

Tatum later conceived and co-directed 'Magic Mike Live' in Vegas, which expanded internationally with sold-out shows in London, Berlin and Australia. The immersive, acrobatic spectacular recently announced its first North American tour, with stops planned in Nashville and Miami.

The live shows inspired the upcoming HBO Max reality competition series 'Finding Magic Mike', premiering on December 16.

The show follows 10 men who have "lost their magic" as they bare their souls and learn to perform dance routines. The winner will be awarded a cash prize and a chance to perform on the "Magic Mike Live" stage in Vegas.

It was 'Magic Mike Live' in Vegas that eventually enticed Soderbergh back into what Tatum has dubbed "the stripperverse."

"As soon as I saw what Channing, Reid, and the 'Magic Mike' choreographic team did with the live show, I said we have to make another movie. Mike Lane's dream of connecting people through dance must be realised," Soderbergh said.         - IANS

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