The follow-up will be penned by "Elf" writer David Berenbaum, the studio’s spokeswoman, Chelsey Summey, confirmed on Thursday.
While no deals are in place yet, Williams and Chris Columbus are in talks to join the production, Summey said.
The 62-year-old Williams would reprise his role as Mrs. Doubtfire, and Columbus would be back to direct and produce with his company 1492.
Williams starred in "Mrs. Doubtfire" as struggling actor Daniel Hillard, a father of three who disguised himself as Scottish nanny Mrs. Doubtfire to spend time with his kids. The former wife of Williams’ Daniel was played by Sally Field. Pierce Brosnan also starred.
The original film made over $400 million worldwide.