The musical fairy tale, which was part live-action, part animation, earned $340 million worldwide during its theatrical run.
The entertainment industry trade newspaper said the studio hopes to reunite the original cast, including stars Amy Adams and Patrick Dempsey, for the second installment, which could be released as early as next year.
"The Story of Us" and "Stepmom" writer Jessie Nelson reportedly has been hired to write the screenplay for the sequel, while "27 Dresses" and "The Proposal" director Anne Fletcher is expected to direct it.
Aaron Carter is still in love with Hilary Duff
NBC reportedly holds celebs hostage to Jimmy Fallon's show