The former Saturday Night Live regular confirmed the news during an Ask Me Anything session on website Reddit on Wednesday (30Apr14), revealing he is hoping to make the film on a very low budget.
Spade writes, "We're putting it together now and seeing if we can keep it as funny and with the music we like for a lower budget. All the movies you hear about being made now keep running into budget problems, this and that, and it sounds boring, but it's just a new world, where they can't make those $15-30 million comedies anymore. It's either $3 million or $200 million, there's almost no in-between.
"Everyone's adjusting to either a summer tentpole Avengers-type movie, or learning to get down and dirty and gritty and making a smaller movie. I just don't want to burn the fans and want to make it good, so me and the other writer are combing through the sequel and trying to make it make sense and have good music and be funny within the parameters.
"Hopefully it will be soon, or it will be too pointless."
The 2001 original co-starred actress Brittany Daniel, who recently battled stage four non-Hodgkin's lymphoma. It's not clear if she will be back for the sequel alongside castmates Kid Rock and Jaime Pressly.