Joker: Folie à Deux is set to be a musical that is 'similar to A Star Is Born'

The source suggests the musical performances will be more akin to that film rather than In the Heights, which was much more aligned to the stereotypical musical genre.

The sequel, scheduled to hit theatres in October 2024, will cost roughly $150 million ($AUD 211 million, £87.3 million) to produce, according to the news outlet.

Joaquin Phoenix and director Todd Phillips are believed to be getting $20 million ($AUD 28.1 million, £11.6 million) paydays, with Lady Gaga set to receive $10 million ($AUD 14 million, £5.8 million).

The singer and actor posted a teaser on her social media accounts that revealed she has been cast in the film that's slated for release in two years.

It's not yet known what role she's landed, however there have been rumours for weeks that she's set to play Harley Quinn.

The teaser she posted seriously leans into that theory as it shows a female character together with Joaquin Phoenix's Arthur Fleck.

Considering the only love interest the Joker has in the DC Comics is Harley Quinn, it's a safe bet that that is who Gaga will be playing.

As far as the typical DC story goes, Quinn is Joker's psychiatrist at the Arkham Asylum mental institution who falls in love with him and becomes his sidekick.

Taking to social media, one fan wrote: "Remember when Joker came out and the mass hysteria surrounding it and how there was going to be shootings and explosions at theatres but now the sequel is a musical starring Lady Gaga."

A second added: "I’m okay with musicals but in Joker? It’s just might look 'funny' like in the first movie he was dealing with insane mental issues and to the point of murdering dozens of people if he’s singing while doing it this time I’m not going to be shocked or scared imma laugh tbh."

A third said: "A musical? Man come on it’s the f**king Joker."

Looks like we'll just have to wait and see what happens.

The highly-anticipated sequel will drop on 4 October 2024, five years after the original.