The filmmaker explained that the sequel to 1994's Dumb and Dumber has yet to be officially greenlit by a studio, but that the script is "really fun".
Peter Farrelly is currently developing the project with his brother Bobby Farrelly.
"It's not a firm greenlight yet because there are still negotiations happening, but that's what we'd like to do next," Peter told Entertainment Weekly. "We have a script that's really, really fun.
"If I told the plot to you, you'd say, 'That's a piece of s**t'. But if I had told you the first one, 'Well, it's about two guys and they find a briefcase and they bring it to Aspen to meet a chick', you'd be like, 'You're f***ing with me. That's not a movie!'"
[Left: Peter Farrelly / Right: Bobby Farrelly]
He added: "It's a character thing, and it's all about the little things. Because it's been so hard to get this thing made for whatever reason - it's baffling but whatever - we've had time to just keep plugging, keep plugging, keep plugging. And the script is really fun."
Bobby Farrelly confirmed to Digital Spy that Jim Carrey and Jeff Daniels were both on board for the comedy follow-up back in August.
Dumb and Dumber To is scheduled to begin shooting in spring 2013, working around Daniels's commitment to HBO drama The Newsroom.
Photo gallery: Dumb and Dumber in pictures: