Nintendo announced a major partnership with Universal Parks & Resorts last year in which the two would develop and open Nintendo-themed areas within Universal's theme parks. Now, we're hearing more details on the endeavor which will see Universal Studios Japan open a "Nintendo Land" attraction in the coming years.

According to a Japanese news report (via Theme Park Insider), Universal is planning to spend roughly $350 million on the project. Given the budget, the attraction will likely be similar in scope to the Wizarding World of Harry Potter area complete with custom next-generation ride systems as well as new food and merchandise shops.

The attraction will reportedly be situated just inside the park's front entrance on the left near the Hollywood Land area and may feature a heavy Mario theme. The goal is to open the Nintendo attraction within Universal Studios Japan by 2020, just in time for the Summer Olympics scheduled to take place in nearby Tokyo.

The publication said Universal hasn't yet confirmed anything in the report and that industry insiders have already shot down some of the specifics. As such, one should take the rumors with a healthy dose of salt until Universal goes public with further plans.

Nintendo has traditionally been reluctant to license its popular IP to third parties but that approach appears to be slowly changing. Last year, for example, Nintendo revealed that it would be partnering with Japanese mobile gaming company DeNA to develop a series of smartphone games. The company later said it wanted to have five mobile titles on the market by early 2017.