The actor said the sequel will focus on the resurrection, reported Entertainment Weekly.
"We're talking about that. Of course that's a huge undertaking, and it's not The Passion 2 - it's called the Resurrection," Gibson said during an interview with pastor Greg Laurie at the SoCal Harvest evangelical event in Anaheim, California recently.
"That's a very big subject, and it needs to be looked at, because we don't want to just do a simple rendering of it. I mean, we can all read what happened, but in order to really experience and explore probably deeper meanings of what it's about, it's gonna take some doing."
Gibson hinted that Wallace could take the helm, saying he "is up to the task."
Wallace, who also wrote Gibson-starrer "Braveheart", has also expressed interest in revisiting the story, saying, "The Passion is the beginning, and there's a lot more story to tell.