UPDATE 2 – Sunday night, 8:35PM ET
Yep, there’s a catch. EW.com’s Michael Ausiello confirms those budget cuts that led to Chuck‘s renewal are going to result in two cuts to the writing staff, and less screen time for some cast members, including possibly eliminating one character altogther. Hey, as long as it’s not Jeffster! or Awesome!

UPDATE – Sunday night, 7PM ET
It’s official, says James Hibberd at The Hollywood Reporter: Chuck will be back on NBC for 13 episodes this fall. Woo and hoo.

Potential good news for we Chuck fans: The Hollywood Reporter is, uh, reporting, that NBC could announce as early as today that the show will get that third-season pick-up we’ve all been waiting for (and eating $5 footlongs for).

According to THR, NBC may get a jump on Upfront Week by announcing the greenlight today, after the show’s producers and NBC have worked out a compromise to cut the series budget.

Here’s hoping season three is a go, and that those budget cuts don’t mean bidding adieu to some of our favorite cast members (this means you, Jeffster! and Captain Awesome).

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• Tags: Bubble show, Chuck, NBC, Upfront