Like Shaun of the Dead and Hot Fuzz, this one is co-written by Wright and Pegg.  Once again, Pegg will star alongside Nick Frost.  Collaboration between the three goes back to Spaced, the British series directed by Wright and written by stars Pegg and Jessica Hynes (Frost played the supporting role of military enthusiast Mike).

After a break in which Wright directed Scott Pilgrim vs. the World while Pegg and Frost wrote/starred in Paul, the gang is getting back together this year for a likely release in the Spring of 2013.  Deadline reports that Universal Pictures has yet to give the project a green light, but is exceedingly likely to do so.  Not only that, but in breaking the story, Mike Fleming also revealed the film's synopsis, which Pegg commented on via his Twitter, saying, "Feels good to finally get this out there. World's End synopses, hot off the presses. This shit just got real."

Here's the synopsis, our best idea of the film's story so far:

20 years after attempting an epic pub crawl, five childhood friends reunite when one of them becomes hell bent on trying the drinking marathon again. They are convinced to stage an encore by mate Gary King, a 40-year old man trapped at the cigarette end of his teens, who drags his reluctant pals to their home town and once again attempts to reach the fabled pub, The World’s End. As they attempt to reconcile the past and present, they realize the real struggle is for the future, not just theirs but humankind’s. Reaching The World’s End is the least of their worries.

After Shaun of the Dead became an internationally beloved slice of fried gold, Wright and Pegg opened enthused about their next project and ended up inundated with Hot Fuzz questions for years.  Learning a lesson from that, they've kept tight-lipped about The World's End.  The above synopsis is our first concrete notion of just what the film will be, and it's oh-so exciting.

Pegg just wrapped on the as-yet untitled Star Trek sequel in which he again plays Scotty.  Wright has been developing a theatrical update of The Night Stalker for Disney and Johnny Depp, as well as writing an Ant-Man screenplay with Joe Cornish (whose feature directorial debut, Attack the Block, had Frost stealing scenes in a fairly small role). 

Some folks have doubtless been hoping that Wright would next direct Ant-Man for Marvel Studios; I'm sure he and Cornish have a unique take on the character, but come one, it's the conclusion to the Blood and Ice Cream Trilogy.  And it looks like we'll be seeing it in theaters next year.  That, my friend, is cause for celebration.