For decades, the Bond franchise had been steered by Michael G. Wilson and Barbara Broccoli until they sold the rights to Amazon MGM last year, leaving the future uncertain.
However, the hiring of Dune director Villeneuve and celebrated screenwriter Knight has been applauded.
Daniel Craig was the latest actor to play Bond, retiring from the role in 2021 after the release of No Time to Die.
Favourites to replace him include 28 Years Later star Aaron Taylor-Johnson, The Gentlemen actor Theo James and The Witcher’s Henry Cavill.
Following the news that Knight had been recruited to work on the next Bond film, Peaky Blinders fans took to X, the platform formerly known as Twitter, to express their excitement.
“Should be epic with Knight penning it,” one wrote, as another enthused: “I cannot wait to see what he does. It’ll be good and a fresh look for the movies. Good choice.”
“This is mega. Well done Steven Knight,” a third added, as one more said: “We’re getting something here. That’s a good sign.”
One account also shared a compelling theory about who could be the next villain, suggesting: “Writer Steven Knight has worked with actor Tom Hardy multiple times. They get on well it seems.
“Will Tom join the cast of the next James Bond movie? Not as 007, but perhaps as the movie’s antagonist?”
“Don’t tease,” one fan wrote back excitedly, while another insisted: “If Tom Hardy is not Bond it is the biggest missed opportunity I can think of.”
“Tom Hardy as the Bond villain would be great,” another fan penned under the official James Bond announcement post.
Speaking on BBC Radio 5 Live Breakfast, Knight addressed the exciting news, saying: “It has always been on my bucket list and it’s fantastic to be invited to do it – I can’t wait to get started.
“I’m hoping that, being a Bond fan for so many years, it will be imbued into me and I will be able to produce something that’s the same but different, and better, stronger and bolder.”
Several James Bond films, including Skyfall, Casino Royale, Thunderball and The Spy Who Loved Me, are available to stream for free on ITVX.