The firm will make 51 new episodes of a Beyblades TV series and a revamped toy line, both to be called Beyblade:Metal Fusion.
The series features characters competing for dominance with their Beyblade tops, battling with an evil organization, Dark Nebula.
The original Beyblade toy line was a huge hit with boys winning Toy of the Year in the UK in 2002 and 2003.
Set to launch in the US in autumn 2010, the new series features a fresh cast of characters that take on the continued battle between good and evil. The companion toy line is produced by Tomy, while Hasbro has been chosen as the master toy licensee outside of Middle East and Asia.
Hasbro brought the product line successfully to market in the US and other regions in 2002. Nelvana Enterprises will represent TV production firm d-rights in various countries, distributing the TV series internationally, as well as for merchandising rights and home video.
"Nelvana is excited to be part of the relaunch of this global toy phenomenon and to work with our international partners to bring kids this great updated toy line and new television episodes," said Mark Northwood, Vice President, Worldwide Licensing, Nelvana Enterprises.
"We are thrilled to have been chosen for the relaunch of Beyblade," said Derryl DePriest, Hasbro’s Vice President of Marketing.
"Millions of kids around the world enjoyed our popular Beyblade product line. The innovations that our designers plan to bring to Beyblade tops will offer kids even more exciting and dynamic ways that they can compete in Beyblade battles."