Bikini Bottom’s most famous figure gearing up for new big screen outing.

Paramount Pictures has announced plans for a new ‘SpongeBob SquarePants’ movie with a release set for late 2014.

Talking at a Deutsche Bank investor conference in Palm Beach, Viacom CEO Phillippe Dauman said that the aim is for the film to kickoff their new animation unit which will produce one animated feature a year.

Released in 2004, ‘The SpongeBob SquarePants Movie’ followed SpongeBob and Patrick on their adventure to find King Neptune’s stolen crown. The film grossed €140.5 million worldwide.

The announcement of the new film follows in the wake of the studio’s Oscar win for ‘Rango,’ its first fully-owned CG animated feature.

Along with the ‘SpongeBob SquarePants’ feature, the studio is developing an adaptation of Penny Arcade’s sci-fi comic ‘New Kid,’ and has tapped ‘The Book of Eli’ scribe Gary Whitta to pen the script.