Lee said the new movie's screenplay may be written by Terry George, who is in negotiations for the position, as he wants the sequel to outshine screenwriter Russell Gewirtz's original, The Hollywood Reporter said Saturday.
"I want the script to be even better than Russell's, and Russell wrote a really good script," Lee said.
"Inside Man" followed characters, played by Clive Owen and Denzel Washington, who are on opposite sides in a bank heist and hostage situation.
Lee said the tentatively titled "Inside Man 2" would revisit the lives of those characters but would not follow the storyline of the original.
The director told the Reporter both actors have expressed some interest in revisiting their roles for the Universal Studios production.