The 2013 "Frozen," which won the Oscar for Best Animated Feature, is based on Hans Christian Andersen's story "The Snow Queen," about a princess with the double-edged power to freeze things at will. It warmed up the box office, however, earning more than $1.3 billion worldwide.

Disney announced Thursday that the first film’s director Jennifer Lee, is developing the sequel with Chris Buck.

"Frozen 2" will join a Broadway musical adaptation of "Frozen," which is already in the works. Tony Award-nominated Peter and the Starcatcher director Alex Timbers is working with Oscar-winning "Frozen" songwriters Robert and Kristen Anderson-Lopez to bring their hit animated feature to Broadway.

The songwriting team won the Oscar for Best Original Song for their ubiquitous hit, "Let It Go." No word yet on whether they will write a new song for the sequel. However, they remain close to the project, having written music for the short animated film spinoff, "Frozen Fever," which is being shown with Disney's live-action film adaptation of "Cinderella," opening March 13. Lopez co-wrote the scores to Broadway's Avenue Q and The Book of Mormon.