The US retailer store went into administration in 2018.
The firm went into administration after struggling to keep up with competitive High Street sales.
Despite going bust in Britain, the iconic retailer remained open in other countries like Canada.
After seeing the success in countries across the pond, Toys 'R' Us will first launch in Australia as an online retailer while the organisation creates a brand new team for its UK website.
Toys 'R' Us ANZ settled on long-term licence agreement last week with hopes to return to the UK in 2022/23.
The licence agreement adheres to the toy store in running as a digital and physical commerce in the UK after parent company, WHP Global, signed a deal on brand acquisition.
The retailer will also include popular brands by Babies 'R' Us.
CEO of WHP Global and Toys 'R' Us said: “We selected Toys 'R' Us ANZ as our partner to expand into the United Kingdom because of their proven success in launching with us in Australia under the leadership of their CEO, Dr Louis Mittoni.
“Toys 'R' Us today is a vibrant business with over 900 stores and e-commerce sites across 25 plus countries generating over $2 billion a year in sales and growing, especially with the new launches underway for both the US and UK markets.”
“My team and I are looking forward to developing technical and commercial relationships with UK-based vendors and partners and to engage with the many loyal Toys 'R' Us former customers and fans in the UK.”
Chief executive from Toys R Us ANZ, Louis Mittoni, said: “The announcement of the return has been met with an overwhelmingly positive response from UK shoppers, suppliers, previous employees of Toys R Us UK and the toy and baby media,” he said.
Written by Siddiqa Reininghaus
Siddiqa is a Feature Writer for Niche Magazine and Cross Productions with experience of working as a journalist and copywriter. She enjoys going to the gym, cooking, and binge-watching Netflix series.