Warner Bros. has not revealed when production on the sequel will commence, however it was recently revealed that that the series, which was originally going to be a trilogy, is now being planned as five films.
This is one of the first big roles Depp has signed on to since his tumultuous, high-profile divorce from ex-wife Amber Heard. However, Depp hardly has an open schedule. The 53-year-old star is also getting ready to start production on the true crime drama Labyrinth, director Kenneth Branagh's remake of The Murder on the Orient Express, and the upcoming remake of the sci-fi classic The Invisible Man.
Meanwhile, Depp's long awaited fifth installment in the Pirates franchise, Dead Men Tell No Tales, is due out May 26, 2017.
Fantastic Beasts and Where to Find Them is a Harry Potter spin-off, set decades before the beloved franchise, and follows the adventures of English wizard Newt Scamander (Eddie Redmayne) who travels to prohibition-era New York to study cryptozoological creatures in the Big Apple's hidden community of magic and wizardry.
Fantastic Beasts and Where to Find Them -- which also stars Colin Farrell, Ezra Miller, Ron Perlman, Jon Voight, Zoe Kravitz and Dan Fogler -- hits theaters Nov. 18. Check out the exciting trailer below.