Reunited! Paul Hogan spotted taking a cigarette break with Chevy Chase in Melbourne as they film scenes for The Very Excellent Mr Dundee

The two veteran actors co-hosted the Oscars along with Goldie Hawn in 1987.

Now Australian icon Paul Hogan and American actor Chevy Chase have reunited.

On Thursday, the pair were photographed filming scenes for Dundee's comeback movie, The Very Excellent Mr Dundee in Brunswick, Melbourne.  

Reunited! Paul Hogan spotted in Melbourne filming scenes for The Very Excellent Mr Dundee alongside Chevy Chase 

Reunited! Paul Hogan spotted in Melbourne filming scenes for The Very Excellent Mr Dundee alongside Chevy Chase 

Both Paul, 78, and Chevy, 75, were both seen smoking unhealthy cigarettes during their breaks on set.

It's rumoured Chase will play himself in the semi-fictional movie, which will be produced by Transmission Films and directed by Dean Murphy. 

It's been more than 30 years since Paul first appeared in the iconic Crocodile Dundee movie in 1986.

Comedy icon: It's rumoured Chase will play himself in the semi-fictional movie, which will be produced by Transmission Films and directed by Dean Murphy

Comedy icon: It's rumoured Chase will play himself in the semi-fictional movie, which will be produced by Transmission Films and directed by Dean Murphy

Paul has insisted the upcoming feature release will be a comedy, where he will play himself in the semi-fictional tale that documents the lead up to receiving a Knighthood for services to comedy. 

While currently in Melbourne, Paul will also shoot in Vancouver and Los Angeles for the blockbuster. 

Rumours of a possible fourth Crocodile Dundee film began swirling after Tourism Australia's hilarious faux movie trailer aired during the US Super Bowl earlier this year.

The advert, which cost $36 million, took the form of a fake movie trailer for a new Dundee film, and featured many of Australia's most famous exports.

The Very Excellent Mr Dundee is due for cinema release in 2019

Back in business: Paul insisted the upcoming feature release will be a comedy, where he will play himself in the semi-fictional tale that documents the lead up to receiving a Knighthood for services to comedy 

Back in business: Paul insisted the upcoming feature release will be a comedy, where he will play himself in the semi-fictional tale that documents the lead up to receiving a Knighthood for services to comedy