The films - known only as Knives Out 2 and Knives Out 3 at this stage - are follow-ups to the hugely popular 2019 murder mystery, which made an impressive $311.4 million on a $40m budget.
Rian Johnson is set to return to direct, reuniting with lead star Daniel Craig as he reprises his role as detective Benoit Blanc.
According to Variety, the $450m deal marks one of the biggest deals ever made for the rights to a movie series.
It is 'unclear' whether or not the films will have a theatrical release in addition to streaming runs on Netflix.
The first sequel is reportedly due to start filming this summer in Greece, with Rian Johnson looking to assemble his new ensemble cast as soon as possible.
The original Knives Out boasted an all-star cast featuring the likes of Chris Evans, Christopher Plummer, Jamie Lee Curtis, Michael Shannon, Toni Collette and Don Johnson alongside Craig's mysterious detective.
The official synopsis read: "When renowned crime novelist Harlan Thrombey (Christopher Plummer) is found dead at his estate just after his 85th birthday, the inquisitive and debonair Detective Benoit Blanc (Daniel Craig) is mysteriously enlisted to investigate.
"From Harlan's dysfunctional family to his devoted staff, Blanc sifts through a web of red herrings and self-serving lies to uncover the truth behind Harlan's untimely death."
Johnson - who was nominated for an Oscar for Best Original Screenplay for the film - later confirmed that a follow-up was in the works, telling The Hollywood Reporter last year that he was developing a sequel that focused on Benoit Blanc following a new case.
Johnson's producing partner Ram Bergman told THR that Craig was eager to reprise the role, saying: "Daniel had so much fun doing it, and he wants to do more."
Later in the year, he said writing the new instalment had proven to be something of a 'mindf***', adding that the project isn't so much a strict sequel, as he's introducing a largely different cast.
In an interview with Interview magazine, Johnson said: "I'm actually writing another Knives Out.
"It's been such a mindf***, because I sat on the idea for the first one for 10 years. And with this one, I'm starting with a blank page. It's not really a Knives Out sequel.
"I need to come up with a title for it so I can stop calling it 'The Knives Out Sequel' because it's just Daniel Craig as the same detective with a totally new cast."
Chosen for YouChosen for You
Most Read StoriesMost Read