Update: Smash Ultimate's new fighter has been revealed to be Biles, the main character from "Fire Emblem: Three Fields."

It's time to find out who will be the next fighter in Super Smash Bros. Ultimate. Nintendo will host a special live stream titled "Mr. Sakurai Presents," where series producer Masahiro Sakurai will reveal the next character to appear in Nintendo's fighting game for the Switch.

The "Smash Ultimate January 2020" Direct began at 6am PT / 9am ET. You can replay it here:

While there are few leaks and teases, there has been a lot of speculation about who the next Smash Ultimate fighter will be. Some fans are hoping for Dante from the recent Switch release of "Devil May Cry" or Marin from "Doom". Other unlikely predictions include Master Chief from the "Halo" series and Steve, the dotty "Minecraft" mascot character.

The next Smash Fighter will be the game's first $25 fighter's pass, consisting of the Joker from "Persona," the hero from "Dragon Quest," "Banjo and Kazooie," and Terry Bogart from "Fatal Fury," in addition to currently unannounced mystery characters The end result.

Fortunately, this next fighter will not be the last to join the fray. Nintendo has already confirmed that it plans to release more DLC for Smash Ultimate beyond the first Fighter's Pass.

Costumes for the five Mii fighters were also revealed: they are Ataïr, Cuphead, Mega Man X, MegaMan.EXE, and Rabbids.

As seen above, the stream included a note that all Challenger packs would be released by the end of the year. This includes six Challenger packs, available for pre-order in bundles starting January 28.