Teen actor Zac Efron has signed to star in the third movie of the Disney Channel series “High School Musical” and will reportedly receive a whopping seven-figure salary.

Entertainment Weekly reported Wednesday that teen heartthrob Zac Efron had finally signed to star in “High School Musical 3,” for a $3 million cheque. The report has not been confirmed by Efron or by the studio.

Now that the young actor has signed, joining co-stars Vanessa Hudgens and Ashley Tisdale, filming can begin, and it will soon - March 2008. Corbin Bleu, Monique Coleman and Lucas Grabeel are also due back.

It had been rumored that Efron, Hudgens and Tisdale were all seeking salary raises but neither actor has commented on this. Efron, who portrays Troy Bolton, captain of his high school basketball team, had previously said he was waiting for the screenplay.

“If we all agree on a final script, then there's nothing that is going to hold us back from doing it,” E! Online quotes him as saying. Apparently, that perfect script has come along.

Director Kenny Ortega has said the third installment will focus on the characters’ senior year, including the customary prom.

“We're all verbally committed, and we're all very hopeful of doing this,” Ortega told People magazine earlier this month. “We want to do this, and we're going to have some new characters arriving at East High. That'll be fun, mix it up a little bit.”

Hudgens herself sounded excited when she confirmed she had signed on for HSM 3. Fears were also laid to rest, as her collaboration with Disney appeared to be in jeopardy earlier this summer, after she was involved in a nude photo scandal.

“To do a third one for the big screen, I can't begin to think how much fun we'll have,” she said.

“High School Musical 3” will be released in theaters, unlike its predecessors, which only aired on the Disney Channel.