Jon M. Chu will direct 'G.I. Joe 3'.

The 'G.I. Joe: Retaliation' filmmaker has signed on to direct the third instalment in Paramount and MGM's action franchise, according to Deadline.

Chu is credited with the success of the second 'G.I. Joe' film, which starred Dwayne 'The Rock' Johnson and Bruce Willis, and topped the US box office chart earlier this year.

After 2009's 'G.I. Joe: The Rise of Cobra' was critically panned, the director was given the tough task of rebooting the franchise - which is based on Hasbro's G.I. Joe toy line - and delivered above expectations.

The film was met with a warmer response than its predecessor and earned $365 million worldwide - more than the $300 million the first film took in 2009.

The film studio is reportedly negotiating with four writers to pen the third flick, with a scribe expected to be selected shortly.

Chu previously expressed his desire to return to the franchise and create a more action-packed follow-up after 'Retaliation' laid the groundwork by introducing a slew of new characters.

He told BANG Showbiz: ''You know, it would be an honour [to do it], if fans went out to see it [this time]. And man I'd love to [make another one]. We have a lot of foundation with the characters here, so it would be really fun to take to the next level.''