Ferrell announced the great news on Conan O’Brien’s talkshow while in character as Ron Burgundy, the suave 1970s San Diego newsreader from the 2004 film.

Decked out in a stylish red suit, Ferrell entered the studio jamming on a flute.

 “I want to announce this to everyone in the Americas, to our friends in Spain, Turkey and the UK, including England,” he said.

“That as of 0900 Mountain time, Paramount Pictures and myself, Ronald Joseph Aaron Burgundy, have come to terms on a sequel to Anchorman.

“It is official, there will be a sequel to Anchorman.”

Before his announcement, Ferrell raised laughs by slating O’Brien’s appearance as ‘terrible’.

“You look like someone put a bright red fright wig on a skeleton. And chucked it out of a helicopter.

“I’m being kind right now. Let me give you some words of advice. Fire your hair lady, fire your make-up lady, fire your gay wardrobe man, and just go under the knife, OK?

“Go into your doctor’s office and point at your face and say, “Doc, it’s a page one rewrite.”’

Director Adam McKay took to his Twitter to reassure fans  film would definitely go ahead: “A few people questioning if Anchorman 2 is 100% for sure happening. Let me assure and assuage: it is. We’re writing now and we shoot in Feb.”

Paul Rudd and Steve Carell are expected to return along with producer Judd Apatow.