Stephen Sommers helmed the 2009 feature film, based on the toy line, comic books and animated series, but has allegedly decided against working on the next movie.
According to MTV, Hasbro CEO Brian Goldner revealed that the search for a director for the sequel is ongoing.
"It's in the works! We have a really good script and we're right now talking to a number of directors," Goldner said.
When asked if Sommers was being considered for the sequel, Goldner replied: "I don't know if I can comment. I don't know if the studio has commented yet. But we're certainly talking to some people."
Filmmakers F. Gary Gray and Jon Chu have been rumoured for the job.
Zombieland writers Rhett Reese and Paul Wernick wrote the script for the follow-up, which Goldner said could stand on its own.
"There is a really great idea in the second G.I. Joe," he said. "In many ways, it'll be great for the people who saw the first one, but you don't need to have studied every element of the first one to enjoy the second. We've made sure that that's the case."