At a press briefing at The Walt Disney Co. headquarters in Burbank on Thursday, studios chairman Rich Ross said Disney's Pixar division is creating a sequel to "Monsters Inc." that will hit theaters in November 2012.
The original film from 2001 grossed $529 million worldwide.
Ross also said the studio was about to give the go-ahead to a new movie featuring the Muppets which will introduce a new character named Walter.
It was not clear when the movie would hit theaters. But Ross said there will be plenty of cameos, as with all Muppet movies. So watch for Kermit the Frog and Miss Piggy, too.
James Bobin, the creator of "The Flight of the Conchords" TV series, is set to direct.