Based on the same source material, Wang Du Lu's Crane-Iron Pentalogy, the movie will adapt the fifth book Iron Knight, Silver Vase - with the new title announced as The Green Destiny, the name of the sword from the first movie.
Veteran martial arts choreographer Yuen Woo Ping, who designed the epic fight scenes in the first movie, will direct.
We also have the first confirmation of cast, with Michelle Yeoh set to reprise her role as Yu Shu Lien, and period martial arts stalwart Donnie Yen also cast as Silent Wolf.
As reported earlier by Twitch, Forbidden Kingdom writer John Fusco has penned the script. He was previously quoted as describing the film thus: "This introduces a new generation of star-crossed lovers, and a new series of antagonists in a battle of good and evil. It has a Knights Errant quality. There is an alternate universe in the books, a martial forest that exists alongside the real world, full of wandering sword fighters, medicine men, defrocked priests, poets, sorcerers and Shaolin renegades."
True to their showbiz form, the Weinsteins plan to hold a big press bash at Cannes this weekend to reveal further details about the film, which is set to film in March 2014.