BBC bosses have ordered 60 new episodes of the show, featuring colourful aliens Tinky Winky, Dipsy, Laa-Laa and Po.
The new series will be filmed on a revamped version of the Teletubbies' famous countryside set and "enhanced by CGI".
Teletubbies ran for 365 episodes from 1997 to 2001. The show has been broadcast in more than 120 countries.
"I think that now is the right time to create new episodes of this much-loved, iconic show," said BBC controller Kay Benbow. "Teletubbies is (still) an enduringly popular series with our youngest viewers, although no new episodes have been made for over 10 years."