The Codemasters GRID team is said to be "actively working" on the sequel, according to OXM (via CVG).
The unannounced title will reportedly arrive after the release of F1 2012, which is likely to launch in September.
The original Racing Driver: GRID released as part of the TOCA Race Driver series in 2008.
It was well received by critics and went on to win a video game BAFTA the following year.
In addition to F1 2012, Codemasters is also working on F1 Online, a free-to-play browser racer.
The game recently entered open beta, allowing interested parties to sign up and play the title for free.
Watch a trailer for F1 Online below: