As we previously reported, Disney decided against continuing their financial relationship with the Chronicles of Narnia franchise. The last installment in the series, Prince Caspian, didn’t live up to the box office hype of it’s predecessor, The Lion, the Witch, and the Wardrobe. Due to budget cuts and our current economic state, Disney couldn’t take the risk  of losing more money.  Yet, according to Variety there is hope for the future of the franchise thanks to 20th Century Fox.

Fox, which was entitled to first crack at “The Chronicles of Narnia: Voyage of the Dawn Treader” after Disney dropped out because of the shared Fox Walden marketing and distribution label, has made a commitment to develop the project. The two sides are still working out budget and script issues, but the hope is to shoot the film at the end of summer for a holiday 2010 release through the Fox Walden label.

Now that they’ve been given a second chance, the film’s producers are trying to avoid the mistakes that plagued Prince Caspian. Even though the film made it’s debut at number one, it fell short with it’s overall box office sales. The Lion, the Witch, and the Wardrobe earned an estimated 745 million dollars worldwide, while Prince Caspian only brought in 419 million. In the Dawn Treader, execs are hoping to attract a larger audience by reincorporating the mystical, family friendly elements that made the first film so popular.

Ben Barnes, Skandar Keynes, and Georgie Henley are all reprising their roles from the previous film, with newcomer Will Poulter co-starring as Eustice Clarence Scrubb.

Are you ready for a third installment of Narnia? What didn’t you like about the second one?