Director Daniel Stamm may direct from a script by up-and-coming writer Damien Chazelle, according to Heat Vision.
The film collected $62.5 million (£38m) globally, after being made from a shoestring budget of $1.8 million (£1.09m).
The Last Exorcism was a pretend documentary that follows a former exorcist who is keen to prove that possession is just mental illness - before he meets a young girl called Nell who may genuinely be possessed.
Andrew Gurland and Huck Botko wrote the script for the original low-budget horror, which starred Patrick Fabian, Ashley Bell and Iris Bahr.
Chazelle, 25, is to have his 'Black Listed' script The Claim made into a film. He also recently sold the rights to Grand Piano to the producer of Buried.
Grand Piano, described as similar to Hitchcock, is to be directed by Spanish helmer Eugenio Mira.
Watch Daniel Stamm talk to Digital Spy about The Last Exorcism: