While Lohan won't be reprising her role in the sequel, fans can at least rest assured that they will see the actress in the film in some capacity.
"[Lindsay] will be in the movie in some kind of way. We'll see where that ends up," Banks said.
The original film starred Lohan as Casey Stuart, a teen who inadvertently brings her Eve doll (Banks) to life. Naturally, hijinks ensue, and the film culminates with the now-iconic song "Be A Star."
According to Entertainment Weekly, Banks will sing the theme song for the second film, which the model described as "a lot more current" than its predecessor.
"We're going for club banger as opposed to nursery school rhyme this time!" she said.
Banks will also serve as executive producer on the sequel, which will star Francia Raisa as Grace Manning, the "confident and funny" CEO of her mother's company Marathon Toys, which manufactures the Eve doll. Grace's "wild-child ways are causing the company's stock to plummet," a situation Eve will likely step in to help remedy.
The movie will premiere on Freeform during the network's 25 Days of Christmas lineup in December.
"I actually think we are going to surpass expectations because [for] me as a producer and actor in it, it surpassed my own expectations," Banks said.
The Life Size sequel won't be Lohan's only return to the screen, as the 32-year-old is set to star in an MTV docuseries titled Lohan Beach Club that will follow the actress-turned-entrepreneur as she opens Lohan Nightclub in Athens and Lohan Beach House Rhodes in Rhodes. Variety shares that Lohan will appear in and executive produce the series.
Banks noted that Lohan's show is the reason she won't have a full role in the Life Size sequel.
"She has this new TV show on MTV about this club so she couldn't make it, which was sad," the America's Next Top Model host said.
Banks has been updating fans on the sequel's progress on Instagram, sharing a photo of herself and Raisa in July and revealing that the movie was filming.
"Now filming: LIFE SIZE 2," she wrote. "It's time y'all! You've waited long enough. I'm so excited to announce who will co-star with Eve 2.0...the magnificently fierce @franciaraisa."
Photo Credit: Disney