Sources have told the entertainment outlet that sisters Wendy Molyneux and Lizzie Molyneux-Loeglin are lined up to write the forthcoming movie, with Ryan Reynolds set to reprise his role as the potty-mouthed superhero.
Deadline reports that writer meetings have been 'taking place over the past month with Reynolds recently meeting with a handful of writers to hear their pitch for the next instalment'.
"In the end, the studio and Reynolds saw the sisters' take as the perfect fit for what they wanted," Deadline says, adding that while the film is still in 'early development', the hiring of the Molyneux sisters marks the 'first major step' in getting the next instalment into production.
Sources also said the film is still expected to be rated R, as with the previous two, but it is thought we may have a new director as David Leitch - who oversaw the second flick - has his schedule filled right through 2021, and reportedly hasn't been involved in the search for writers.
The third Deadpool movie will be the first of the franchise to be part of the Marvel Cinematic Universe, with many fans excited to see Marvel Studios working with Reynolds and co.
We've been waiting a while for any firm update on the project, not least because this year has seen delays across the board for the entertainment industry.
Last December, Reynolds assured us that work was already underway on Deadpool 3 over at Marvel Studios, saying it felt 'crazy' to be working with the comics giant.
Sharing the update during an interview on Live With Kelly and Ryan, the actor said: "We're working on it right now with the whole team.
"We're over at Marvel [Studios] now, which is like the big leagues all of a sudden. It's kinda crazy. So yeah, we're working on it."
Thankfully, now there's a new glimmer of hope with the Molyneuxs - sisters and writing partners who serve as the creators and executive products on the new Fox series The Great North, which has already been renewed for a second season ahead of its February 2021 debut.
The duo are also writers and executive producers on the long-running series Bob's Burgers, having won an Emmy Award for their efforts back in 2017.
Marvel declined to respond to LADbible's request for comment.