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The Get Smart helmer replaces Jay Roach, who directed the first two instalments in the franchise, Meet The Parents and Meet The Fockers.
The script is currently being penned by Along Came Polly writer John Hamburg. Stiller and De Niro were confirmed to return for the project last month.
Stiller's comedy franchise is one of Universal's most successful, taking a combined total of $820 million at the worldwide box office.
The plot for the third instalment is expected to revolve around the children of Gaylord "Greg" Focker (Stiller) and his wife Pam Byrnes (Teri Polo), and the couple's continuing attempts to please disapproving father-in-law Jack (De Niro). Owen Wilson, who had cameos in the first two films as Pam's ex-lover Kevin Rawley, is expected to have a larger role in the new film.
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