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British helmer James Bobin is in early talks to take charge of the fantasy film, which is currently tagged 'Into the Looking Glass'.
Walt Disney Pictures also announces the official title for the film, 'The Muppets...Again!', as well as reveals its official synopsis.
Gervais is in talks to star as the main human character in the puppet movie, starring opposite Ty Burrell who has just been cast as an Interpol inspector.
Waltz's departure due to his busy schedule forces Walt Disney Pictures to cast Burrell as the Interpol inspector in the upcoming puppet film.
The 'Django Unchained' star is the first human actor to be cast in the upcoming puppet movie, which will be set in Europe.
In anticipation of its March 20 Blu-ray/DVD release, the puppet film premieres a fake trailer that features a mash-up version of Capitol and a recreation of flaming Mockingjay symbol.
The actor playing Gary in the puppet movie claims that he wants to 'take a little puppet break' and aims to 'pursue more human-related projects' in the upcoming years.
Barnabas Collins, Angelique Bouchard, Elizabeth Collins Stoddard and Dr. Julia Hoffman are those who are featured in the film's fresh character images that appear in the latest issue of Vanity Fair.
The female Tribute from District 12 is seen unleashing a perfect shot to an apple to catch the attention of Seneca Crane and co., who ignore her during an evaluation session.
Multiple insiders reveals that Segel's busy schedule with his other projects has hindered him from reuniting with Nicholas Stoller to provide the script for the 'Muppets' follow-up film.
The 'Muppets' iconic puppets are set to join other A-listers including Angelina Jolie, Tom Hanks, Halle Berry and Tina Fey, who have also been tapped to serve as the presenters at this year's Oscars.
The Academy of Motion Picture Arts and Sciences has reportedly planned to throw the 2012 Academy Awards show without musical performances for 'Man or Muppet' and 'Real in Rio'.