Tom Holland's Spider-Man will not be leaving the Marvel Cinematic Universe. After publicly parting ways, Sony Pictures and Marvel have struck a deal for one more movie.

The two companies on Friday announced that Marvel Studios and its president, Kevin Feige, will produce the third film in the "Spider-Man: Homecoming" series, reports variety.com.

It will once again feature Holland as the web slinging hero. The new film even has a release date -- July 16, 2021. Jon Watts, the filmmaker behind the previous two "Spider-Man" films, is in talks to direct the third film.

As part of the arrangement, Spider-Man will also appear in one future Marvel Studios film.

"I am thrilled that Spidey's journey in the MCU will continue, and I and all of us at Marvel Studios are very excited that we get to keep working on it," said Feige.

"Spider-Man is a powerful icon and hero whose story crosses all ages and audiences around the globe. He also happens to be the only hero with the superpower to cross cinematic universes, so as Sony continues to develop their own Spidey-verse you never know what surprises the future might hold," he added.

Earlier this year, it was revealed that Disney, Marvel's parent company, and Sony had reached an impasse over a new financing deal.

The new deal was signed late on Thursday night. The negotiations involved top players from both studios, including Sony Pictures chief Tom Rothman, Feige and Walt Disney Studios co-chairs Alan Horn and Alan Bergman.

In exchange for lending Feige's producing powers, Marvel and Disney will receive roughly 25 per cent of the profits, according to sources.

Disney will retain its merchandising rights and will put up roughly a quarter of the financing. Amy Pascal will also produce through Pascal Pictures, as she has on the first two Holland-led films.

Pascal was euphoric with the new development.

"This is terrific. Peter Parker's story took a dramatic turn in ‘Far From Home' and I could not be happier we will all be working together as we see where his journey goes," she said.

Marvel has licensed the rights to Spider-Man to Sony for nearly two decades, an agreement that they forged prior to Disney's $4 billion acquisition of the comics company in 2009.

Sony got critical as well financial success with its first round of "Spider-Man" movies, which were directed by Sam Raimi and starred Tobey Maguire. Its second effort, starring Andrew Garfield and directed by Marc Webb, were far less successful.

By bringing Marvel and Feige back into the fold with 2017's "Spider-Man: Homecoming", the studio was able to revive the franchise. It also got a boost from having Holland's Spider-Man appear in "Avenger" movies. Sony said it was pleased that a deal had been reached

"We are delighted to be moving forward together," said Robert Lawson, chief communications officer for Sony Pictures Entertainment.