'Fixer Upper' stars Chip and Joanna Gaines returning to TV with a new Discovery network

HGTV stars Chip and Joanna Gaines revealed some big news on Friday night's edition of "The Tonight Show Starring Jimmy Fallon" on NBC. The "Fixer Upper" couple is returning to TV!

After taking a year off after their fifth season of the show, during which they had their fifth child, the couple decided it was time to get back to work.

“We’re coming back to television,” Gaines said, to cheers from the studio audience. “We're actually going to have a network, and I think we're going to really carve it out in a way that makes sense to us and our family.”

Chip Gaines explained that the pair has partnered with David Zaslav, the president of cable television giant Discovery Inc. to launch a new network.

Discovery bought the parent company of HGTV and Food Network earlier this year.

Chip Gaines said that much of the filming will be done in their hometown of Waco, Texas, where "Fixer Upper" was shot.

“It's going to be filmed a lot in Waco, Texas, so we don't have to travel a whole lot,” Chip Gaines said on Fallon’s show. “So with all things being equal, we could not be more excited.”

"We are coming back to television. You're going to see the kids grow up," Gaines said. "We're excited to be back."

Details of the deal are still being worked out. Industry insiders suggest that the couple's lifestyle brand, Magnolia, may be part of the new network's name.

Watch the announcement in the player below.