Guillermo Del Toro likes to stay busy, so it comes as no surprise that on top of working on FX’s The Strain and the horror flick Crimson Peak, he’s also currently working on a script for a sequel to Pacific Rim 2 with X-Men writer Zak Penn.

While promoting his new FX series The Strain at the Austin Television Festival, del Toro told Buzzfeed that he and scribe Zak Penn have started working on a screenplay for Pacific Rim 2.

“I’m working very, very hard with Zak Penn. We’ve been working for a few months now in secret. We found a way to twist it around. Travis Beacham [co-writer of the first film, now working on Fox’s Hieroglyph] was involved in the storyline and now I’m writing with Zak because Travis has become a TV mogul.”

The filmmaker revealed he doesn’t have the money to make the sequel happen because Legendary hasn’t agreed to make the sequel, but he and Penn are “proceeding like it is happening” in the hopes that the film will be made one day.

Del Toro also revealed that Charlie Hunnam‘s character Raleigh Becket and Rinko Kikuchi‘s Mako Mori are set to return, and that the story will follow the events of the first movie. Some have speculated that the sequel would in fact be a prequel, but Del Toro cleared it up saying:

“Some people were wondering if we were going to do the prequel. I was never interested in doing that first wave of invasion. I’m going for very new, very crazy ideas on the second one, which are very different from the first one — but you will get really great spectacle.”

Pacific Rim was an international hit in 2013, making $309.2 million overseas (including $111.9 million in China alone). Legendary Pictures Chief Thomas Tull recently recently said that he would like to make Pacific Rim 2, but only if they can “crack the story” and they all agree it to be great. That’s pretty great coming from a business man and film producer; it seems like he’s not only interested in making blockbusters but also quality sequels.

Are you excited for Pacific Rim 2?