While it looked for a while as though Paramount had effectively given up trying to spin off its Cloverfield universe further, the studio is clearly not done. Giri/Haji creator Joe Barton is on to write the script for a direct sequel to the 2008 monster movie.
Matt Reeves directed the JJ Abrams-produced original, which used a found footage style story to document a giant creature attacking New York and the 20-somethings who must try not to be squished as it continues its rampage. The movie was most famous for being produced under the radar and using a viral teaser campaign to spread word of mouth.
A direct sequel didn't immediately follow, but Abrams and the studio took two other, initially unrelated movies and retconned them into the franchise – 10 Cloverfield Lane more successfully than The Cloverfield Paradox.
Plot details for the new movie are naturally a secret for now, while Abrams is producing via his Bad Robot company. Reeves isn't directly involved, though given that Barton recently took over running the The Batman-related Gotham City police drama for HBO Max (and Reeves is the director of The Batman), you can be sure he'll be aware of it.