According to Deadline G.I. Joe Retaliation director Jon M. Chu is about to close a deal to direct G.I. Joe 3.
Retaliation was delayed from June 2012 to March 2013 to enable a 3D conversion. The move was quite surprising and caused some negative chatter, but it paid off for Paramount internationally were to took nearly $250 million (Rise of Cobra only managed $150 million). However, the sequel failed to match the $150 million made by Cobra in the US. Regardless, the movie improved both in quality and revenue from the first film, so a third film was expected.
Jon M. Chu made his name with two Step Up movies and the documentary Justin Bieber: Never Say Never. He’s currently attached to Masters Of The Universe, which is based on the He-Man toy line from Mattel, but G.I. Joe 3 may come first if the script comes together.