The studio said that though they want Diaz to reprise her role in the sequel, a deal is yet to be finalised.
The original film starred Diaz, Justin Timberlake, Lucy Punch and Jason Segel.
Director Jake Kasdan is returning to direct the sequel, which is written by Justin Malen.
Jimmy Miller, Jake Kasdan, Lee Eisenberg and Gene Stupnitsky will produce the film, and Melvin Mar will executive produce.
"'Bad Teacher' was a hit not just in North America, but throughout the world. We're excited that Jake will be returning to develop and helm the sequel. We love Justin's take on the material - it hits all the notes that made the first film such a breakthrough hit and also takes the characters in a new direction that is fresh and fun," said Hannah Minghella, president of production for the studio.
The studio is also turning 'Bad Teacher' in a half-hour series starring Ari Graynor on CBS.
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