Well... it's been no secret that a sequel to the Smith Family 2010 reboot/reimagining/re-whatever-you-want-to-call-it of the 1980s hit franchise The Karate Kid was coming - especially after that first film grossed over $350 million worldwide!
It's just been announced that Columbia Pictures has hired Zak Penn (X-Men: The Last Stand, The Incredible Hulk) to rewrite the script for the yet-to-be-titled sequel which is expect to see the returns of both stars Jaden Smith and Jackie Chan.
This has been in the works since the first film's magnificent opening weekend number ($55.6 million) as a pair of writers were then tapped to begin working on a script for a sequel; I suppose the studio and/or Will Smith didn't care for what they produced, and Penn has now been brought in to do clean up work.
Sequel plot details aren't public yet, but this baby's moving full speed ahead apparently, so don't be surprised if Jaden moves right into this after he and papa Smith are done shooting 1000 A.E. with M. Night Shyamalan (they're in Costa Rica right now, in production mode).