Sergio Mendes, who scored an Oscar nomination for his contribution to the original film's soundtrack, told PA that 20th Century Fox is planning a follow-up to the CGI animation with director Carlos Saldanha on board.
"Fox has been talking about [it] and it looks like it's going to happen. We're going to have a meeting I think next week and Carlos is coming to town to tell us the story, and it looks like it's a go," he said.
Fox added via email that the "success of the first film was the start of a franchise", though the studio is yet to officially announce a sequel or set up any deals.
Rio, featuring the voice talents of Jesse Eisenberg and Anne Hathaway, was released in theatres in April last year. The film follows the adventures of two talking macaw parrots in the Brazilian city of Rio de Janeiro.
It has been rumoured that the sequel will be released to coincide with the 2014 World Cup, which is being held in Brazil.
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Watch the first two minutes of Rio below: