Chris Hemsworth is reprising his role of the Norse God of thunder.
The 40-year-old New Zealander's emergence as the choice for the director is courtesy a round of intense meetings that took place over the last month, according to The Hollywood Reporter.
Ruben Fleischer, Rob Letterman and Rawson Marshall Thurber were the other directors that were finalists for the gig.
Waititi is best known for his comedic work, co-starring with Jemaine Clement in "What We Do In the Shadows", the well-regarded vampire parody that debuted at Sundance Film Festival.
He wrote and directed episodes of "Flight of the Conchords" and is a writer on Disney's upcoming animated feature "Moana", which will star Dwayne Johnson.
"Thor: Ragnarok" will become Waititi's biggest mainstream venture till date, if the deal is signed.
While Waititi, famous for romantic-comedy features and series, may not look like the obvious choice for a movie such as a "Thor" instalment, the kind of outside-of-the-box thinking behind hires like Waititi's has served Marvel well.
The studio tapped comedy directors Joe and Anthony Russo for "Captain America: The Winter Soldier", a move that turned out so well that the brothers not only directed the third Captain America movie, they are now working on the new Avengers outings.
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