Finally! After a decade, Japanese studio company Toho has decided to create its own version of "Godzilla" movie according to Variety.

Japan's "Godzilla" is reportedly going to start production next year and is due for release on 2016.

Toho decided to bring back the country's most iconic movie character in the big screen reportedly because of the success of its Western counterpart which was directed by Gareth Edwards, who is now going to helm the upcoming "Star Wars" spin off movies.

According to reports, the updated Japanese version of "Godzilla" is just a part of a bigger plan to bring the iconic character back in the heart of its people. The company created a group called Godzilla Strategic Conference (Godzi-Con).

Veteran producer Taichi Ueda is spearheading the group whose main focus is to make "Godzilla" that "will represent Japan and be loved around the world" just in time for the 2020 Toyko Olympics.

"The time has come for Japan to make a film that will not lose to Hollywood," Ueda explained.

Toho is also planning to put up a giant Godzilla statue in Toho Cinemas Shinjuku Theater on April of 2015 to bring the iconic character back into the hearts and minds of its people.

The last "Godzilla" film that was created in Japan was "Godzilla: Final Wars" it was released in U.S. cinemas on November 29, 2004 and in Japanese theaters on December 4, 2004.

It was directed by Ryuhei Kitamura and was penned by Wataru Mimura and Isao Kiriyama, which was produced by Shogo Tomiyama.

The 28th installment to the kaiju franchise was starred by Masahiro Matsuoka, Don Frye, Rei Kikukawa, Kan Kosugi, Maki Mizuno, Kazuki Kitamura and Tsutomu Kitagawa as Godzilla.

Meanwhile, a sequel of the U.S. version of "Godzilla" is reportedly in the works under Warner Bros. and Legendary Pictures, it will again be directed by Gareth Edwards.

The "Godzilla 2" movie - U.S. version - is scheduled for release on local cinemas on June 8, 2018.