Miramax and Broad Green Pictures broke the news of Thorton, 60, reprising his role, reported Variety.
"We've been waiting far too long to see Billy Bob's Willie Soke mess with the holiday season in his own unique way,"said Zanne Devine of Miramax.
Geyer Kosinski will produce the film.
Search for the director of the project is still on.
The 2003 original earned USD 60 million domestically.
Thornton was last seen pn season one of "Fargo.