Reprising his character with signature jazz flute in hand, Will Ferrell AKA Ron Burgundy AKA San Diego’s Finest infiltrated his way onto the Conan O’Brien set late Wednesday to say:

“I want to announce this to everyone here in the Americas, to our friends in Spain, Turkey and the U.K. — including England — that as of 0900 mountain time, Paramount Pictures and myself, Ronald Joseph Aaron Burgundy, have come to terms on a sequel to Anchorman.”

That’s right – Will Ferrell is returning for Paramount’s untitled Anchorman: The Legend of Ron Burgundy sequel.

According to Deadline, this isn’t the first time a sequel has been discussed; Ferrell and director Adam McKay tried to follow the success of 2004′s Anchorman by developing the sequel as a Broadway show. Unfortunately, the premise – Action4 News Team IN SPACE – was too wacky for Paramount to green light.

Now, it seems the new premise is just wacky enough.

While Ferrell and McKay continue to kick around ideas with Producer Judd Appatow (Taladega Nights, Knocked Up, 40 Year Old Virgin), the returning cast remains faithful to the project. Steve Carell will return as lovable moron Brick Tamblin, Paul Rudd will revisit his panther-fierce Brian Fantana, and David Koechner will reprise everyone’s favorite bald Texan, Champ Kind. Other cast members from the franchise include Christina Applegate, Chris Parnell, Fred Armisen, and Fred Willard.

Production is slated to start toward the end of 2012 with a release in 2013.

-Jordy Altman, CBS Local Los Angeles–