The signal has finally turned green. HBO network recently announced that it is renewing its "Project Greenlight" series with Hollywood BFFs Ben Affleck and Matt Damon.

Project Greenlight has only been around for a short period of time, as it appears the contest has been too futuristic in 2001 to have been able to survive up to these days. However, 2014 seems the perfect timing to revive the series for a new season.

"Project Greenlight was ahead of its time," Ben Affleck told Deadline.

Executive producers Affleck and Damon who have both made the show possible 14 years ago will be reviving and producing the new season as the network has announced.

"Now that technology has caught up to the concept, we though it was a perfect time to bring it back. A whole new generation has grown up sharing everything, and the next big director could be just an upload away. It is really great having Project Greenlight back at HBO," Affleck added.

A little digging around the Web has come up to information that aside from its original two seasons in 2001 and 2002, Project Greenlight has also been spoofed in the show called "Contest Searchlight."

According to a data from tv.com, Contest Searchlight was a series with four episodes released in 2002 with the cast and crew, including Patrice ONeal, Denis Leary, Mike Lombardi, Chris Phillips, Mary Birdsong and Lenny Clarke.

"In Contest Searchlight, Denis Leary and Comedy Central give one creator their big chance to make their own comedy series and see it air - regardless of how it turns out!" tv.com stated as a sum up of the parody.

In 2001, FilmMakers.com has launched a Project Greenlight Screenplay Contest, which according to the competition's Web site page, whoever wins will get a "guaranteed production of project by LivePlanet and Miramax Films.

The contest ended in 2003 and the winner announced was Erica Beeney of Columbus, Ohio for her "The Battle of Shaker Heights" screenplay.

Matt Damon believes that Project Greenlight, a documentary series that shows the making and winning of an entry, works. The actor and producer told Deadline that through the contest, "careers have been launched and sustained."

"Pete Jones, John Gulager, Patrick Melton and Marcus Dunstan are just a few o the PGL alums who've gone to do great things in Hollywood, and Ben [Affleck] and I are really proud of that," Damon concluded.