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The first film came out in 1994 and its huge success led to two sequels, The Santa Clause 2 (2002) and The Santa Clause 3: The Escape Clause (2006).
The franchise follows the trials and tribulations of ordinary man Scott as he attempts to fill Santa's boots after the jolly fat man falls off his roof and dies.
The new limited series will begin production in March, with Allen also set to serve as executive producer.
Giving us a flavour of what we can expect from the new series, Disney+ said: "Scott Calvin is on the brink of his 65th birthday and realizing that he can’t be Santa forever.
"He's starting to lose a step in his Santa duties, and more importantly, he’s got a family who could benefit from a life in the normal world, especially his two kids who have grown up at the Pole.
"With a lot of elves, children, and family to please, Scott sets out to find a suitable replacement Santa while preparing his family for a new adventure in a life south of the pole."
Allen will be reuniting with Jack Burditt, creator of his hit sitcom Last Man Standing, who will serve as executive producer and showrunner.
Kevin Hench, another producer on Last Man Standing, will also serve as an executive producer, alongside Richard Baker and Rick Messina.
Allen won a People's Choice Award for his portrayal of Scott in the first movie.
Now all we need is for a return of Home Improvement, in which Allen starred as Tim 'The Toolman' Taylor.
The series ran on ABC for 204 episodes from 17 September 1991 to 25 May 1999, altogether spanning eight seasons.
It helped launch Allen's career, and also projected Pamela Anderson into the limelight as Lisa, the original 'Tool Time girl', before she found greater fame as CJ Parker in Baywatch.
Allen has previously indicated he'd be up for bringing it back.
Speaking to TVLine in 2020, the 68-year-old said of the show: "I always think about it, because I still talk to everybody involved.
"The question I had was, 'Is it still relevant? Is Tim Taylor relevant in the Mike Baxter world?' Because Mike Baxter [Allen's character in sitcom Last Man Standing] is like a real version of Tim Taylor; he's not such a joke.
"And the [Outdoor Man] vlogs are like Mike's version of Tool Time done as a web series."
Speaking more directly about a return to Home Improvement, he continued: "I like the idea of doing it as a one-off, like a one-hour movie [versus a full-fledged revival series].
"I like the idea of finding out where the boys are now, and where... Tool Time would be in today's world. I just think it's a marvellous idea, and all the actors think it's a great idea."
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