The original, Oscar-nominated, adaptation of Raymond Briggs's animation was first screened in 1982 and has become a regular fixture of the Christmas schedules.
The broadcaster today confirmed that The Snowman 2 will be "a brand new adventure with a new set of friends" and will be screened during Christmas 2012.
Channel 4's chief creative officer Jay Hunt said: "The Snowman is an entrancing animation that has stood the test of time.
"I'm thrilled that Raymond will be giving us this sequel which I'm sure will be as delightful and unforgettable as the original."
Francesca Dow, managing director at publisher Puffin, added: "Puffin is extremely proud to publish The Snowman and delighted to be working with Channel 4 on this wonderful new animation, which will see a new generation of children enchanted by Raymond's classic creation."
Briggs previously told The Guardian of the new film: "I am keeping a polite distance. I haven't written the new story. I was against making a new version for years and refused to agree.
"But there has been such a huge elapse of time, 30 years, a lot of people have died in that time. An awful lot of the old team are being reassembled to make it, that is good. I am not grumpy at all about it."
Hilary Audus will director the sequel and it will be art directed by Joanna Harrison. Both worked as animators on the original 1982 film.
Watch the David Bowie introduction to The Snowman below: