No word yet on what the plot will entail and whether any of the werewolves - which included Rhys Darby - from the first movie will make a comeback.
What We Do in the Shadows centred around vampire roomates living in suburban Wellington, coming to terms with living in the modern world.
It was a sleeper hit, with word of mouth and critics' praise giving it a wider audience. The movie currently has a 96 per cent Rotten Tomatoes rating.
Waititi was chosen specifically to direct the new Thor film after executives saw What We Do in the Shadows and his 2010 comedy/drama Boy.
"They watched Shadows obviously, and they watched Boy, and I think the combination of those two films, you get that I wasn't just like a crazy comedy director or too dramatic," he said.
"They wanted to weave a little bit away from that."
The film is currently in pre-production, with Chris Hemsworth reprising his role.
- AAP