The actor is poised to reprise his role as the snarky comic book antihero for a third outing, which will be penned by Emmy winners Wendy Molyneux and Lizzie Molyneux-Logelin, according to Deadline.
The project remains in the early stages of development, but will be the first to potentially utilise characters from the wider Marvel Studios superhero franchises, following Disney bosses' acquisition of 21st Century Fox, which was completed last year (19). Reynolds first took on Deadpool for an appearance in "X-Men Origins: Wolverine" in 2009, and hit the big screen for a standalone film in 2016. "Deadpool 2" followed in 2018.
Both movies were directed by David Leitch. It's not yet known if he will return to take charge of the third instalment, as a timeline for production has not been announced.
The first movie was R-rated but the violence and profanities were later toned down in the sequel. "I've said no (to making a more kid-friendly Deadpool film) since 2006. Now, this one time, I said 'Yes' on (the condition that) a portion of the proceeds had to go to charity," Reynolds said.
Details of the third installment are still scarce, but the actor previously teased that they were "looking to go in a completely different direction."
Earlier this year, Dwayne "The Rock" Johnson sparked rumors that he's joining the cast after the comic book creator Rob Liefeld reached out to the actor on Instagram.
"Dearest @therock based on reports of outstanding chemistry between you and a familiar friend, I believe the next logical step is for you to join the Marvel Universe as Garrison Kane in a future Deadpool installment," Liefeld wrote.
The wrestler-turned-actor replied, "Dearest Rob, thank you amigo. It's true, in @HobbsAndShaw, I have insanely outstanding chemistry with our familiar friend. Since you created the characters, how does one Garrison Kane get alone with one."