Stanton, who directed the first film, has already discussed the concept with the studio and will begin the shooting soon, reported Aceshowbiz.
The 46-year-old won Oscars through his animation works in both 2003's "Finding Nemo" and 2008's "Wall-E". His other acclaimed works include the "Toy Story" film series and "A Bug's Life".
However, his last directorial stint "John Carter" didn't work well at the box office.
"Finding Nemo" had successfully grossed USD 867.9 million worldwide, making it Disney's third-biggest animated film ever.
