It’s official: Beth and Rip are coming back to television screens as a Yellowstone spinoff following fan-favorites Kelly Reilly and Cole Hauser is in the works, PEOPLE can confirm

Annette Bening will be joining the cast of the upcoming series

The show, which currently has the working title The Dutton Ranch, will also see Finn Little return to play Carter

Confirmation of Beth and Rip’s spinoff comes after Deadline reported in December that Reilly and Hauser had inked deals to lead their own series. The outlet reported that other cast members from the original series were likely to make appearances alongside the duo.

Yellowstone creator Taylor Sheridan is set to executive produce the new series, alongside Hauser, 50, and Reilly, 48. David C. Glasser, John Linson, Art Linson, Ron Burkle, David Hutkin, Bob Yari, Michael Friedman, Chad Feehan, Christina Voros and Keith Cox are also serving as executive producers. Chad Feehan will serve as showrunner.

“I think America has spoken. They still love the show. There’s obviously just tons of people that every Sunday get together with their families, and we give them the experience of taking ’em out of their own living rooms and putting ’em in Montana and entertaining them,” he told PEOPLE after the series finale. “And I think ultimately it’s just that simple.”

He played coy about the specifics of how his beloved character could make a return, but he teased, “We will see what happens over the next year or so and we’ll see what’s next.”

“Hopefully, we can continue to get in people’s living rooms and entertain them the way we have over the last seven years,” he added.

Yellowstone’s series finale, which aired on Dec. 15, paid tribute to renowned horseman Bob Avila and tied up several loose ends for the series.

Kayce (Luke Grimes) saved the Yellowstone Ranch by selling the land to High Chief Thomas Rainwater (Gil Birmingham), and Beth (Reilly) avenged the death of late patriarch John (Kevin Costner) by killing Jamie (Wes Bentley).