All My Children came to an end in 2011 after 41 years on air, while One Life To Live shuts down this month (Jan13).
TV bosses previously insisted they would not bow to fan pressure to revive the two shows in a new Internet format, but producers at independent production company Prospect Park have now been given the green light to push ahead with the plans.
The two soaps will both be relaunched on America's The Online Network (TOLN) and production is due to begin next month (Feb13).
A statement from the production company reads, "We are pleased to confirm that Prospect Park is reviving the beloved soap operas, All My Children and One Life To Live as the anchor programs on The Online Network (TOLN)... (We plan) to begin production in February on both All My Children and One Life To Live.
"We thank the loyal audience and new generation of fans of both shows who have demonstrated that passion and exciting story lines are not just reserved for traditional television. Their enduring support encouraged us to move forward each and every day. We look forward to sharing more details including our launch air date and additional specifics in the coming weeks."
It is not yet known which castmembers could be returning to the shows, but Tvline.com reports All My Children stars Lindsay Hartley, Vincent Irizarry and Debbi Morgan have all inked deals to reprise their roles.