The Abraham Lincoln: Vampire Hunter helmer said that a script for the project is in development, adding that it will shock audiences.
"An unbelievable thing happened three weeks ago," Bekmambetov told The Playlist. "Because we stopped, we didn't know what to do for three or four years.
"Three weeks ago I came up with a great idea and I pitched this idea and everybody fell in love with it. And now I think we're on track. Right now the writer is working on the script, and it will be shocking."
The original Wanted, based on the comic series by Mark Millar and J G Jones, starred James McAvoy and Angelina Jolie. It raked in $341 million at the global box office, on a budget of just $75 million.
Bekmambetov went on to say that the sequel will continue the story of McAvoy's Wesley Gibson.
"It's a continuation of the story, with Wesley Gibson. Other people are dead, you know, we can't bring them back. The story is the same character, same mythology, but it's got a great twist," he added.
Wanted 2 is yet to be assigned a release date.
Watch a trailer for Wanted below: