Get ready for more smart shark action, as Deep Blue Sea 3 is happening. Some might not even be aware that Deep Blue Sea 2 exists, but it did indeed find its way to release last year as a direct-to-video, low-budget sequel to the 1999 cult classic. Unfortunately, the sequel didn't manage to live up to its predecessor, so it didn't gain all that much buzz upon release. Though, it did apparently generate just enough revenue and interest to warrant a third installment, which may be making its way to Netflix in the future.

Here's what we know for sure. Details are slim, but a production listing does reveal that Deep Blue Sea 3 is in early development. It's early stages, so there is no indication as to who is going to be writing/directing, the sequel, nor is it clear if any of the cast members who made it out of the last movie alive, or maybe even a star or two from the original (unlikely as that would be) are coming back. The most interesting bit of information is that Netflix is listed as a producer on the project. Odds are, if the streaming service is involved, the movie will debut there exclusively. Though, at this stage, there are too many unknowns to declare this a Netflix Original just yet.

Deep Blue Sea was originally released in 1999. It was positioned as a big summer blockbuster. Warner Bros. put together an ensemble cast that included Samuel L. Jackson, Thomas Jane, Saffron Burrows, Stellen Skarsgard and LL Cool J. The $60 million budgeted shark flick wound up bringing in middling returns for Warner Bros., earning $164 million worldwide against mixed reviews. But the Renny Harlin-directed feature went on to find a huge audience in the years that followed and has ascended near the top of the rankings in terms of shark movies, falling somewhere below Steven Spielberg's Jaws for many.

Related: Deep Blue Sea 2 Has Started Shooting in Africa

For years, the studio didn't quite know what to do with the property. At one point, Mega Shark Versus Giant Octopus director Jack Perez was brought in to pitch his version of Deep Blue Sea 2, which wound up including weaponized sharks in a story that sounded so over-the-top it would have been surely amazing to see. Yet, it was Darin Scott (Tales From the Hood) who wound up making the sequel, which was, more or less, a remake of the original/soft reboot of sorts. The movie was somewhat quietly released on Blu-ray/DVD by Warner Bros. Home Entertainment.

It's unclear if Darin Scott will be back for Deep Blue Sea 3, nor is it clear what the story will tackle. Perhaps they can finally revisit the idea of weaponized sharks? After all, Netflix does have the money to spend on just such a crazy idea, and it certainly wouldn't be the craziest thing they've thrown copious amounts of cash at. We'll be sure to keep you posted as further details on the project are made available. This news comes to us via Production Weekly.

Ryan Scott