Warner Bros. is currently in negotiations with the two actors as lead voices in the movie.
Wood will play Mumble, the penguin who can’t carry a tune but dances like Fred Astaire. Williams will again do the voices of both Lovelace and Ramon.
George Miller wrote the script and will direct the film, however, details are being kept quiet. Animal Logic will produce the animated film once again, which will be featured in 3D.
If an agreement is reached, Wood and Williams will head to Australia to being recording early next year.
The original movie, released in 2006, earned 379 million US dollars at the box office and earned an Oscar for Best Animated Film.
In the meantime, Wood is shooting The Romantics in New York, alongside Katie Holmes, Anna Paquin and Josh Duhamel. He will also lend his voice in the animated movie The Legend of Spyro, set to hit theatres on April 10, 2010.
As for Robin Williams, he is currently starring in Old Dogs and will soon begin shooting Wedding Banned.