According to Variery, which was first to broke the story, Paramount Pictures is already in talks with Matt Reeves and he will team up again with the producer J.J. Abrams and the writer Drew Goddard.

"Cloverfield," described as "The Blair Witch Project" meets "Godzilla," is about a bunch of young New Yorkers, who manage to videotape their story in a Manhattan that is being ripped apart by a horrific reptilian creature of unknown descent and unstoppable force.

The movie debuted atop the box office chart earlier this month with earnings of $41 million and despite its modest earnings in the second weekend it is considered a big commercial success. "Cloverfield" also set an opening weekend record for the Martin Luther King Jr. holiday weekend. The previous holiday record-holder was "Black Hawk Down" with four-day sales of $33.6 million in 2002.

"I think this movie defines what we want to do at Paramount," the studio's vice chairman, Rob Moore, said in a statement after the opening weekend. "It is a movie that took a big creative risk. We really wanted to be in business with J.J. and his team, who came up with a really creative execution. And the marketing and distribution team were able to execute a great campaign."

However, the fate of Cloverfield 2 is still uncertain, as Matt Reeves has already signed a deal with Greene Street Films to direct a movie titled “The Invisible Woman”, based on his original script.