A sequel to 'Godzilla vs. Kong' is reportedly in the works.

The 2021 monster film was the fourth in the MonsterVerse - a crossover franchise based on the iconic characters of Godzilla and King Kong - and now a fifth instalment is set to begin shooting in Australia later this year, according to Variety.

Producer Eric McLeod said in a statement: "The highly skilled crews, first-rate facilities, and unique locations make filming in Australia a great experience. The support from both the federal government as well as Queensland has always been critical to our success in achieving a high level of filmmaking and an unparalleled audience experience."

The as-yet untitled movie will be the third film in the franchise to shoot in Australia and is the latest in a long line of projects drawn to production in the country, following on from upcoming romcom 'Ticket to Paradise' starring George Clooney and Julia Roberts as well as Ron Howard’s 'Thirteen Lives' and 'Tiger King'-inspired drama series 'Joe Vs. Carole.'

State Premier Annastacia Palaszczuk claimed that the film will bring a "welcome boost to the economy" as they attempt to recover from effects brought on by the COVID-19 pandemic and recent flooding crisis.

She told ScreenQueensland: "The production is expected to inject more than double the $36.5 million that 'Godzilla Vs Kong' brought to the state and is a welcome boost to our economy as we recover from the impacts of the global pandemic and southeast Queensland flooding events. These types of productions benefit our screen industry, deliver local jobs and provide a welcome boost to our small businesses and communities in and around our production sites."