Director of the 1985 original Richard Donner confirmed that Spielberg is "right on" with his idea for the storyline for the proposed follow-up movie.
Spielberg served as the writer, producer and second unit director on the original Goonies film, which starred Josh Brolin, Sean Astin and Martha Plimpton.
Speaking to TMZ about the sequel, he said: "Hopefully we're going to get this done, period. Spielberg came up with the idea of doing a sequel after 30 years.
"You don't do it without him, and he came up with another storyline and he's right on."
Donner added that he hopes the original cast will return for the sequel, with star Corey Feldman confirming his interest as recently as last month.
There is currently no word on when The Goonies 2 is expected to start filming.
Watch a trailer for The Goonies below: