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The director is in negotiations with Universal and Tribeca Films to helm the third instalment of the popular franchise, according to Variety.
Jay Roach, who directed the first two Fockers films, is on board as the movie's producer.
Meet The Parents and sequel Meet The Fockers grossed approximately $820 million worldwide.
Little Fockers is scheduled to begin production in July with Ben Stiller, Robert De Niro, Owen Wilson, Teri Polo and Blythe Danner reprising their roles.
Weitz’s most recent directorial effort Cirque du Freak is slated for an early 2010 release
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