The 43-year-old Wanderlust star and actor Ben Stiller are collaborating on the project. Stiller directed and starred as the title character in the original 2001 movie, while Theroux appeared as the evil DJ.
"Yeah, we've got a script for the sequel, and we've just been in talks again," Theroux confirmed in an interview with Vulture. "We're trying to sharpen it and hone it and, actually, I don't want to jinx anything, but it looks like it actually might be starting to get up and running."
The sequel has been planned for years, with Theroux initially attached to direct. The actor co-wrote and starred in Tropic Thunder (2008) with Stiller, and contributed to the script of Zoolander 2. His commitment to HBO series The Leftovers, however, will likely prevent him from directing the film.
"I don't think I'm going to do it anymore," he shared. "It really depends on whether the show gets picked up. If it gets picked up, then I don't think I'll have the time to do it. So it'll probably get handed to Ben, which would be awesome."
Theroux currently stars as Kevin Garvey on The Leftovers, which airs Sundays on HBO. Stiller will appear in While We're Young and Night at the Museum: Secret of the Tomb later this year.