Wrath of the Titans writers Dan Mazeau and David Leslie Johnson have been tapped to write a treatment for the third instalment of the franchise, according to The Hollywood Reporter.
The second Clash of the Titans film will not premiere until March 2012, but the studio has already begun work on the continuing adventures of Sam Worthington as the mythological Greek hero Perseus.
Insiders have also said that Toby Kebbell's sidekick character Agenor - who debuts in Wrath - may also feature in the new story, as the second movie creates an opportunity for the character's return.
Wrath of the Titans will also star Ralph Fiennes, Liam Neeson, Danny Huston, Edgar Ramirez, Bill Nighy and Rosamund Pike.
Wrath of the Titans will open in cinemas in 3D and 2D on March 30, 2012.
> Rosamund Pike: 'Wrath of the Titans like walking into chaos'
Watch the trailer for Clash of the Titans below: