Fan-favorite Morales first appeared in an August 2011 comic, following the death of Peter Parker. He's a teenager of Black Hispanic descent, which makes him the first black Spider-Man.
Executive producers Phil Lord and Chris Miller, the guys behind "The Lego Movie" and who are currently filming the Han Solo movie in London, made a brief video presentation. They explained they've always loved the idea that "anyone, regardless of color or gender, can wear the mask."
Morales is actually the second Latino character to don Spidey's tights: Miguel O'Hara, who is of half Mexican descent, was the title character in 1992's "Spider-Man 2099" comics.
Miles, who's described as a science-loving nerd like Peter Parker, was born and raised in Brooklyn (Steve Rogers would approve!) He's the son of an African-American father and a Puerto Rican mother. Casting has not yet been announced.
The only other thing we know? It's got a release date -- December 21, 2018.