"Neighbors" was a surprise hit with USD 269 million in worldwide grosses. Rose Byrne is set to reprise her role, with Nicholas Stoller returning as director, reported Variety.
The original revolved around a couple whose lives are turned upside-down after declaring war on the fraternity that moved in next door.
The sequel's plot is unknown, though sources say a sorority could be the couple's problem this time.
23-year-old Gomez's involvement in the film broke when fan photos revealed that she was on set.
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Rogen, Evan Goldberg and James Weaver will produce under their Point Grey Pictures banner.
Andrew Jay Cohen and Brendan O'Brien will serve as executive producers alongside Good Universe's Nathan Kahane and Joe Drake. Writers include Cohen, O'Brien, Rogen, Stoller and Goldberg.
Gomez most recently shot Paramount's "The Big Short" and James Franco's "In Dubious Battle".