Cyrus Voris and Ethan Reiff, the guys behind the script for Kung Fu Panda, the original version of Ridley Scott's Robin Hood (back when it was still called Nottingham) and TV's Sleeper Cell, are set to write The Karate Kid sequel. So basically it'll be just like Kung-Fu Panda, only with fewer animals and fewer jokes. OK, so the only way in which it's likely to resemble that animation is in using the same martial art, but it's very early in the morning.
There's no word yet on where the sequel will be set, or whether it will change location as did the original Karate Kid 2 (wherein Daniel-San travelled to Okinawa to visit Mr Miyagi's ancestral home), but we do know that the result is tentatively pencilled in for 2013.
This most recent Karate Kid cost about $40m to make and made nearly $300m, so one thing's for sure: don't expect to stop waxing on and waxing off anytime soon.