Mike Flanagan, who is co-writing the screenplay with Jeff Howard, will direct the movie, said The Hollywood Reporter.
Michael Bay, Brad Fuller and Andrew Form are producing for Platinum Dunes while Jason Blum will produce for Blumhouse Productions and Brian Goldner will handle things for Hasbro alongside Stephen Davis.
The story of the film will again revolve around the ancient spirit board that was at the centre of the first part.
The movie is set for October, 2016 release.