According to Deadline, bosses at Paramount Pictures have recruited Nichols to write and direct the production.
Details are being kept under wraps, but Krasinski, who co-wrote, directed and starred in the 2018 original and its forthcoming sequel, proposed the idea for the new project.
The news comes as fans await the release of "A Quiet Place Part II", which had its prior launch in March postponed until April, 2021 amid the coronavirus pandemic.
The upcoming movie, which sees Krasinski's real-life wife Emily Blunt reprising her role as Evelyn Abbott. It will follow Evelyn after the death of her husband Blunt (Krasinki), who died in the first movie. Along with her kids, she is forced to survive in a post-apocalyptic world in which monsters with ultra-developed hearing hunted down all humans that made noise. Evelyn must make sure her three children, including her newborn son, survive.
Of the inspiration for "A Quiet Place II", Krasinski said back in 2019, "The idea for it is pretty simple. I'm writing now - I don't have it fleshed out - but the thought that occurred to me, that really excited me about it, was that most sequels are about the return of a hero or a villain. You take this character that people loved once and you bring them back, and you have to create a new world around them. We have the exact opposite setup. We have the world, and you can drop whoever you want into that world and everyone feels connected to it."