Darko family values
Screen Daily says British company Velvet Octopus will be pushing the film - which is titled S Darko after its central character, Donnie's little sister Samantha - at the upcoming Cannes Film Festival.
Daveigh Chase will reprise her role as Samantha, it adds.
S Darko, which will also star Son Of Rambow's Ed Westwick and Briana Evigan from Step Up 2: The Streets, picks up seven years after the first instalment ended with Donnie's untimely demise thanks to a stray jet engine.
Samantha, now 18, is on a road trip to Los Angeles with her best friend when she encounters the same bizarre, apocalyptic visions that haunted her brother. Cue Frank.
Velvet Octopus' Simon Crowe told the site that: "Donnie's not in [the sequel] but there are meteorites and rabbits."
Richard Kelly, who wrote and directed the original, is not believed to be involved in the new project.
Donnie Darko propelled its star Jake Gyllenhaal to the Hollywood big leagues after it won critical acclaim and a clutch of independent awards in 2001.
The film also featured Noah Wyle, Drew Barrymore, Patrick Swayze and Seth Rogen.
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