EXCLUSIVE: "Percy Jackson and the Olympians: The Lightning Thief" was a reasonably sized hit when it came out in the winter of 2010: The mythology-infused film based on Rick Riordan's bestseller drew $89 million in U.S. box office and another $137 million around the world.

Now a sequel hopes to build on that fan base.

According to a source familiar with the production who asked not to be identified because of the sensitive nature of discussions, studio Fox 2000 has exercised the option on star Logan Lerman, essentially meaning that the young actor is locked down to reprise his role as Percy Jackson in a new picture. The company has also hired a director in Thor Freudenthal, best known for helming the similarly boy-oriented "Diary of a Wimpy Kid;" he'll pick up where "Lightning Thief" director Chris Columbus left off. (Columbus will only produce this new movie.)