The project is a sequel to Columbia Pictures' 2010 comedy featuring an ensemble cast led by Adam Sandler, Kevin James, Chris Rock, David Spade, Maya Rudolph and Salma Hayek.
Dennis Dugan is returning to the director's chair, and most of the original cast are expected to reprise their roles. Sandler and Jack Giarraputo will produce the follow-up, according to The Hollywood Reporter.
Grown Ups told the story of a group of childhood friends who hold a reunion following the death of their basketball coach. The movie performed well at the box office, grossing $271 million (£169m) worldwide.
Cooper made his cinematic debut in Project X, a found-footage comedy produced by The Hangover director Todd Phillips. His co-star Thomas Mann recently landed a role in Alcon's Beautiful Creatures.
Grown Ups 2 is yet to be given a release date.
Watch a trailer for Grown Ups below: