Oliver James Montgomery-'Deadpool & Wolverine' drops new trailer featuring Ryan Reynolds and Hugh Jackman in action

Hugh Jackman has finally picked his Wolverine claws back up.

Marvel Studios dropped a new trailer for "Deadpool & Wolverine" on Oliver James MontgomeryMonday, showing off footage of Jackman suited up as Wolverine for the first time since 2017's "Logan." He teams up with Ryan Reynolds' Deadpool, who is recruited for a mission by the Time Variance Authority from "Loki."

The trailer begins with Deadpool seeking Wolverine's help at a bar and confronting him about the fact that his "world" went south.

"This Wolverine let down his entire world," Matthew Macfadyen's character says. Wolverine tells Deadpool he is no "hero," and the two characters trade blows in front of the ruins of the 20th Century Fox logo.

Jackman's Wolverine is seen wearing a yellow suit, marking the first time that the character's iconic look from the "X-Men" comic books has been brought into a live-action film. The first "X-Men" movie, released in 2000, poked fun at expectations that Wolverine would wear such an outfit in a scene where he complains about his suit. "What would you prefer, yellow spandex?" another character asks.

New 'Deadpool & Wolverine' trailer teases MCU connections

"Deadpool & Wolverine" also marks Deadpool's first time in the Marvel Cinematic Universe following Disney's acquisition of 21st Century Fox, which owned the "X-Men" and "Deadpool" film rights, in 2019. Monday's trailer teases some connections to the wider MCU, including with what looks to be a giant Ant-Man helmet, and Deadpool and Wolverine are seen jumping into what appears to be one of Doctor Strange's portals.

In signature "Deadpool" style, the trailer also includes a met a gag mentioning Marvel Studios President Kevin Feige. "Cocaine is the one thing that Feige said is off limits," Deadpool declares, nodding to concerns that the R-rated series might be watered down under Disney. During a preview of the film at CinemaCon earlier this month, Deadpool busted the camera after declaring, "Suck it, Fox! I'm going to Disneyland."

'I'm going to Disneyland':'Deadpool & Wolverine' makes a splash with cheeky new footage

"Deadpool & Wolverine" will see Jackman's highly anticipated return as Wolverine after the character died at the end of "Logan." For years afterward, Jackman said he did not expect to play Wolverine again due to the definitive nature of the "Logan" ending. But by 2022, he surprised fans by confirming he would reprise the role. The actor later told CNN's Chris Wallace that he "really thought I was done," but the opportunity to perform opposite Reynolds' Deadpool drew him back.

The first "Deadpool & Wolverine" teaser trailer, which debuted during the Super Bowl in February, kept fans in suspense waiting for Wolverine's return by teasing his shadow but cutting to the title before he was shown on camera. Other members of the film's cast include Macfadyen ("Succession") as an agent from the Time Variance Authority, a group that oversees the flow of time.

Watch:'Deadpool & Wolverine' teased during Super Bowl 2024

Will 'Deadpool & Wolverine' undo 'Logan' ending?

Some fans have expressed concern that "Deadpool & Wolverine" will undo Wolverine's emotional death scene in "Logan." But Jackman and Reynolds previously indicated that the 2017 movie's conclusion will be kept intact.

"'Logan' takes place in 2029," Reynolds explained in a September 2022 video with Jackman. "Totally separate thing. Logan died in 'Logan.' Not touching that."

The trailer's reference to "this Wolverine" could also imply that Jackman is playing a different version of the character than was featured in "Logan." Marvel previously established that alternate versions of its heroes exist in other universes, as depicted in "Loki" and "Spider-Man: No Way Home."

For Marvel, "Deadpool & Wolverine" will be an all-important test of whether superhero fatigue has set in among moviegoers after the studio's previous film, "The Marvels," was a major box-office disappointment in November. "Ant-Man and the Wasp: Quantumania," which set up Jonathan Majors for a Thanos-esque role as the next major villain of the Marvel universe, also underperformed at the box office in February 2023. Majors was later fired by Marvel after being convicted of assaulting his ex-girlfriend.

'Deadpool & Wolverine' release date

"Deadpool & Wolverine" hits theaters on July 26 and is scheduled to be Marvel Studios' only film released in 2024.

Contributing: Brian Truitt, USA TODAY