Even though Percy Jackson and the Olympians: The Lightning Thief failed to impress at the box office, it was revealed back in March that Fox 2000 intended to develop a sequel based on the next book in Rick Riordan's Camp Half-Blood series, The Sea of Monsters. The screenwriting team of Scot Alexander and Larry Karaszewski (1408, Man of the Moon) were said to to have been hired to write the adaptation, though no formal announcement about the sequel was ever made by Fox 2000.
Formal announcement or not, the project is apparently moving along as 24Frames recently cited "a source familiar with the production" as having disclosed that Thor Freudenthal (Diary of a Wimpy Kid) has been hired to take the helm of Percy Jackson and the Olympians: The Sea of Monsters, replacing Lightning Thief director Chris Columbus, who will stay on as a producer only. The source also revealed Fox 2000 "exercised the option" on Logan Lerman, ensuring the young actor will return to reprise the role of Percy Jackson in the sequel. more about the Percy Jackson sequel >>