The Gavin Hood-helmed prequel introduced Reynolds as the wise-cracking mercenary, but the actor recently told IGN that the new project will be tonally different to its predecessor.
"The script is, I think, fantastic. It's been developed further in the last three months or so," he said.
"The film has to be rated R and has to be done a certain way and it has to be through all these things, and I'm sure it can be a little bit worrisome for the guy who's cutting the cheques for it. If it's going to be done, it has to be done right."
Asked whether he will be reprising his role as the eponymous hero in Green Lantern in the future, Reynolds admitted to being in the dark on the prospect of a sequel to the Warner Bros blockbuster.
"I have no idea. You know, I have no idea. Those movies have huge scale budgets and those sorts of things. Personally, working in the budget world of that kind of level is not as much fun, because there's so much investment in the outcome," he added.
Deadpool, directed by Tim Miller, is scheduled for a tentative 2014 release.
Watch a trailer to X-Men Origins: Wolverine below: