This could be partly down to Hugh Grant’s star turn as the villainous washed-up actor Phoenix Buchanan.
Grant starred alongside Sally Hawkins, Hugh Bonneville and Ben Whishaw who all reprised their roles from the first hit film which took $282m (£203m) at the box office.
Nicole Kidman took on the role of an evil taxidermist who wants to add Paddington her collection in the first film.
It is not known who will return to the cast for the third film but a new villain will undoubtedly be required.
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Studiocanal told Variety: “We can confirm Studiocanal is working very hard on film 3 with the utmost craft and care – as with film 1 and 2.”
Variety also reported that last week in an interview on BBC Radio 2’s The Zoe Ball Breakfast Show, Bonneville said there was “forward momentum” on the project, and that it was “somewhere on the horizon”.
Writer-director Paul King led both of the first films and has already said he will not be directing the third film but will still be involved.