We reported back in March that screenwriters Scott Alexander and Larry Karaszewski have come aboard to adapt the screenplay, which is based on Rick Riordan's second novel in the Percy Jackson series. Chris Columbus, who directed Percy Jackson & the Olympians: Lightning Thief, is on board as a producer.
20th Century Fox has also exercised the option on star Logan Lerman, which means he will reprise his role as the title character. The story for this sequel revolves around the title character and his new friends, who journey under the sea to find the mythical Golden Fleece, and rescue their kidnapped friend.
It is believed that Fox wants to move quickly on this sequel, in hopes to release it in 2012. The first movie, Percy Jackson & the Olympians: Lightning Thief took in $87 million at the domestic box office, and an additional $137 million worldwide.
Rick Riordan wrote five books in the Percy Jackson series, along with numerous spin-offs which could also be tapped for future movies.