Warner Bros. and Legendary Pictures are all set to team up for a "Godzilla vs. Kong" movie that is scheduled to be released in 2020.

The companies announced that the movie will be based on the ecosystem of giant super-species, incorporating both classic as well as new elements from the previous movies of both the franchises.

The partnership between two companies will produce three movies with the first tiled "Kong: Skull Island" to be released on 10, March, 2017 and second titled "Godzilla 2" on 8, June, 2018.

Variety reported that while Legendary will continue to work under Universal Pictures, the Godzilla and Kong movies will be distributed through Warner Bros.

The production of "Kong: Skull Island" will start from 19 October at Universal Studios with Tom Hiddleston in a major role.

Other actors who have joined the cast are Brie Larson and "Straight Outta Compton" actors Corey Hawkins and Jason Mitchell.

The premises of "Kong: Skull Island" will be set in a mysterious valley of the king of apes that will be explored by a team of explorers who ventures deep into the island. The movie will be directed by Jordan Vogt-Roberts and the script has been written by Max Borenstein, John Gatins and Dan Gilroy. It will be jointly produced by Legendary's Thomas Tull and Jon Jashini along with Mary Parent.

Talking about the movie to Coming Soon, Tull said: "Audiences really responded to Godzilla. Today, I'm excited to reveal that film was only the beginning of an epic new entertainment universe. As a lifelong fan of these characters, I've always wanted to see the ultimate showdown, and today we're pleased to be announcing that and more."

Kevin Tsujihara, CEO of Warner Bros., said, "Working with our partners at Legendary, we enjoyed tremendous creative and commercial success with 'Godzilla. It's great to be able to revisit these characters and help create a franchise with so many creative possibilities for filmmakers. Fans love these big, globally iconic films and it doesn't get any bigger than this."

Whether this upcoming project will work in the favour of both companies or not, only time will tell.