Washington, March 7 -- Pixar is working on a third film in the popular "Monsters, Inc." series, according to Variety.

As per the publication, the project was announced in a report by The Wall Street Journal, which looked at the studio's current plans as it prepares to release its upcoming film Hoppers.

The first instalment for the popular Monsters, Inc. series was released in 2001 and became a major success at the box office. The animated film followed monsters who scare kids to produce energy for their city. It was directed by Pete Docter and featured the voices of John Goodman and Billy Crystal.

In 2013, Pixar released a prequel titled Monsters University, directed by Dan Scanlon. The story later continued with the animated series Mo...