Here's Iain Armitage, young Sheldon in 'The Big Bang Theory' spinoff

'Big Bang Theory' fans, Rejoice! The spinoff is happening officially now.

The spin-off titled 'Young Sheldon,' created by Chuck Lorre and Steven Molaro, will have 'Big Little Lies' star Iain Armitage as the title character, reports E! Online.

The series, with unspecified number of episodes, will follow 'Big Bang Theory's' main character Sheldon Cooper, at the age of nine, living with his family in East Texas and going to high school.

In the spin-off series, Zoe Perry will be taking over the role of young Sheldon's mom.

Jon Favreau, director of 'The Jungle Book,' is all set to direct and produce the first episode of the series.

Jim Parsons, 'Big Bang's' Sheldon Cooper, will narrate 'Young Sheldon' and also produce it.

On a related note, 'Big Bang Theory' main cast members Jim Parsons, Johnny Galecki, Kaley Cuoco, Simon Helberg and Kunal Nayyar are likey to take a pay cut for their co-stars Melissa Rauch and Mayim Bialik.

If this all goes smooth, 'Big Bang Theory' will be renewed for two more seasons.