Grimes played Zuzu, the young daughter of the late Jimmy Stewart's character George Bailey, in the holiday film. She will play Zuzu as an angel in the followup, which is to be released late next year.
Star Partners and Hummingbird Productions are working on a sequel that combines the magic of "It's a Wonderful Life" with Charles Dickens' "A Christmas Carol," the entertainment industry trade newspaper said.
"'It's a Wonderful Life' is about showing a good guy can win. And with Scrooge, you have a person that is not a good guy but he changes," producer Bob Farnsworth told THR.
"This story is about the amazing human capacity to forgive when we see someone change for the better," Farnsworth said. "Look, no one can make another 'It's a Wonderful Life.' But our story is solid, and we are going in with our eyes open. There is no doubt about it, there will be a ruckus. But I have this motto: All it takes to be a leader is to have a cause you believe in. And the stronger you believe in the cause, the more adversaries you will have. And we strongly believe in this."