Fox 2000 is moving forward on development of a sequel to Percy Jackson and the Olympians: The Lightning Thief based on the second book in Rick Riordan's fantasy series, titled The Sea of Monsters.  24 Frames reports the studio exercised its option on Logan Lerman, locking him in to return for the sequel.  Lightning Thief director Christopher Columbus will reduce his involvement with the sequel to a producing role, handing the reins off to Thor Freudenthal (Diary of a Wimpy Kid). The Sea of Monsters could be in theaters as early as 2012.Scott Alexander and Larry Karaszewski adapted the screenplay, which is expected to cull stories from other books in the series.  Read the synopsis for The Sea of Monsters after the jump.

Percy Jackson’s seventh-grade year has been surprisingly quiet. Not a single monster has set foot on his New York prep-school campus. But when an innocent game of dodgeball among Percy and his classmates turns into a death match against an ugly gang of cannibal giants, things get… well, ugly. And the unexpected arrival of Percy’s friend Annabeth brings more bad news: the magical borders that protect Camp Half-Blood have been poisoned by a mysterious enemy, and unless a cure is found, the only safe haven for demigods will be destroyed.

In this fresh, funny, and hugely anticipated follow up to The Lightning Thief, Percy and his friends must journey into the Sea of Monsters to save their beloved camp. But first, Percy will discover a stunning new secret about his family — one that makes him question whether being claimed as Poseidon’s son is an honor or simply a cruel joke. [Amazon]

The story has a lot of potential as a movie series, and I hope they figure out how to capture that the second time around.  Plus, Logan is a charismatic young guy, a savvy choice for franchise star.  If I'm honest, though, my expectations for The Sea of Monsters are low.  Hope I'm wrong.