The filmmaker, who was responsible for the original movie, most recently helmed the box office flop John Carter, which starred Taylor Kitsch as a Civil War soldier who finds himself on Mars.
The movie was Stanton's first foray into live action moviemaking, after award-winning turns on Wall-E and Finding Nemo.
While John Carter proved to be a financial disappointment, Finding Nemo is Pixar's second-highest-grossing movie ever behind Toy Story 3.
Ellen DeGeneres, Albert Brooks and Willem Dafoe provided voice work for the original Finding Nemo, which won the Academy Award for 'Best Animated Film'.
Little is known about the plot of the upcoming sequel, although Deadline reports that executives at both Pixar and Disney are thrilled with Stanton's concept for the follow-up.
> 'Finding Nemo 2': What Digital Spy readers are saying
Watch Andrew Stanton discuss working on John Carter with Digital Spy below:
Gallery - Pixar at the movies: