DreamWorks has greenlit an "Old School" sequel and hired Todd Phillips and Scot Armstrong to pen the script for Phillips to direct reports Variety.

In the first "Old School" -- also penned by Phillips and Armstrong, and helmed by Phillips -- Will Ferrell, Vince Vaughn and Luke Wilson starred as middle-aged frat boys intent on reliving the debauchery of their college glory days. Released in 2003, the flick pic grossed $74 million domestically.

No cast has been announced yet for the new pic. Phillips and Armstrong are also partnering on Dimension Films' remake of "School for Scoundrels," starring Billy Bob Thornton, which Phillips will direct.

Thanks to 'Mark'.