The studio also hired David Elliott and Paul Lovett to rewrite the script. Actor Robert De Niro will reprise his role as bounty hunter Jack Walsh in the sequel.
The sequel will continue with the ex-Chicago cop Walsh story after he willingly release a mob accountant (played by Charles Grodin) and took some money to open a coffee shop.
Elliot and Lovett were writers on â€œG.I. Joe: The rise of Cobraâ€ and currently working on penning the sequel to â€œFour Brothers.â€
Tim Dowling was the original screenwriter on the project. There is no word if Grodin will reprise his role as the runaway accountant Jonathan Mardukas.
De Niro and Ratnerâ€™s Rat Entertainment will produce the project along with Jane Rosenthalâ€™s Tribeca production company.