Zwick and Herskovitz are in talks to write the new script, which will be based on the book "Never Go Back", with Zwick to sit in the director's chair.
The veteran director is known for movies such as "Blood Diamond", "Legends of the Fall" and Glory".
The new instalment will continue the adventures of a former military police officer, who helps people out, said The Hollywood Reporter.
"Reacher" is an adaptation of a line of books by Lee Child, and the first instalment proved to be a sleeper hit, when it was released December 2012.
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