New Delhi, March 8 -- Pixar Animation Studios is developing a third film in its popular Monsters, Inc. franchise, according to reports by Variety, as the studio continues to expand its slate of sequels and original projects.

The development of Monsters, Inc. 3 was first reported by The Wall Street Journal and later confirmed by entertainment publication Variety. The report examined Pixar's upcoming plans as the studio prepares to release its next animated feature, Hoppers.

The original Monsters, Inc. was released in 2001 and quickly became one of Pixar's most successful films. The story followed two friendly monsters, James P. "Sulley" Sullivan and Mike Wazowski, who work at a factory that generates energy for their city by scaring huma...