According to Deadline, Payne will serve as the main scriptwriter for Thor 2, which will see Chris Hemsworth reprise his role as the God of Thunder.
Earlier this week it was confirmed that Thor director Kenneth Branagh would not be returning to helm the sequel, although he is expected to stay on in a producing capacity.
Branagh's departure from the project is believed to have been a mutual and amicable decision, which will allow him to stay on board in more of an advisory role.
As well as co-writing Thor, Payne has previously penned both Marvel sequel Fantastic Four 2: Rise of the Silver Surfer and the action comedy My Super Ex-Girlfriend.
Iron Man 2 star Don Cheadle recently revealed that filming for Iron Man 3 is expected to begin early next year for a release on May 3, 2013.
Thor 2 will hit cinemas later the same year on July 26.
Watch the trailer for Thor below:
Watch the trailer for Iron Man 2 below: