The entertainment news program says producers are looking to release a third film in 2006 or 2007.
Star Tobey Maguire has also apparently been told to keep time clear in his schedule for the project.
The first "Spider-Man" movie broke records when it was released in May 2002. In its first weekend, the Marvel comic superhero brought in $115 million and went on to make $800 million worldwide, ET noted.
"Spider-Man 2" will hit theaters July 2.