According to Variety, DreamWorks has green lit Old School 2 and hired Todd Phillips and Scot Armstrong to pen the script for Phillips to direct. Montecito Pictures will produce.

In the first Old School -- also penned by Phillips and Armstrong, and helmed by Phillips -- Will Ferrell, Vince Vaughn and Luke Wilson starred as middle-aged frat boys intent on reliving the debauchery of their college glory days.

Released in 2003, pic grossed $74 million domestically.

No cast has been announced yet for the new pic, to be overseen by DreamWorks' Jeremy Kramer.

Phillips and Armstrong are also partnering on Dimension Films' remake of School for Scoundrels, starring Billy Bob Thornton, which Phillips will direct. Last year the duo teamed on Warner Bros.' Starsky & Hutch. Phillips is also aboard to direct The Disassociate at Warners.