The Syfy movie caused a stir on Twitter when it premiered earlier this month and attracted 1.4 million viewers, leading the cable channel to confirm Sharknado 2.
Producers held a meeting to discuss plans for the New York-based follow-up last week and decided that Ian Ziering is the only star they want to return, TMZ reports.
Reid - who played April Shepherd in the first movie - had publicly campaigned for a sequel and teased that it could feature dinosaurs.
"There's talk that the whole family gets together again and we go to Aspen and there's, like, global warming as we're skiing, all of a sudden it goes from -20 to 90 degrees," she said.
"The glaciers come down and there's, like, dinosaur sharks and they come alive again and they're eating everyone. And because of all of the water coming down the mountain they're like, killing people in the street... We'll see."
i just was looking on twitter and sharknado 2 is trending what should we make it about tell me your ideas@tarareid— Tara Reid (@TaraReid) July 28, 2013
Both Reid and Ziering apparently earned $50,000 (£32,500) for the original movie, with Ziering expected to earn a lot more for the sequel.
He recently admitted that he nearly turned down his role as Finley 'Fin' Shepherd as the script had "a lot of holes in it".
Sharknado follows the story of an "ecological nightmare" that leaves sharks swimming through the streets of Los Angeles and falling from the skies.
It premieres in the UK on August 7 on Syfy. Watch a trailer below: