According to Screen Daily, Tom Green (Misfits) is taking the reins and working from a script - entitled Monsters: Dark Continent - by Jay Basu.
Basu penned the film Fast Girls as well as The Dinosaur Project, which concerns a father and son who set out to make a documentary and discover dinosaurs in Africa. That film is currently in post-production.
No word yet as to when Vertigo aims to roll cameras on the Monsters sequel. Hopefully, another year won't pass before another update comes along.