Screenwriter Zak Penn (The Incredible Hulk) has been hired to rewrite the script for The Karate Kid 2. We first reported on the sequel back in August 2010, when writers Ethan Reiff and Cyrus Voris (Kung Fu Panda) were hired to write the sequel.

No plot details were given for the sequel, although it is believed that The Karate Kid stars Jaden Smith and Jackie Chan will reprise their roles. No deals are in place as of yet for both stars.

The Karate Kid remake centered on Jaden Smith's character, Dre, who moves to China with his mother (Taraji P. Henson). He forms a bond with the maintenance man, Mr. Han (Jackie Chan), who teaches him kung fu.

Will Smith will produce The Karate Kid 2 with his Overbrook Entertainment partners James Lassiter, Ken Stovitz, and Jada Pinkett Smith. No production schedule was given for The Karate Kid 2, and it isn't known if The Karate Kid director Harald Zwart will return.

The Karate Kid took in an impressive $55.9 million in its opening weekend in June 2010, en route to $359 million worldwide.