WB approached James Wan, whose Aquaman released last December becoming the biggest grossing film for DCEU.
Momoa, 39, recently shaved his famous beard as part of a campaign to raise awareness of pollution and recycling.
The film follows orphaned teenager Billy Batson, who, when he utters the word Shazam, transforms into into a super-powered adult with strength, invincibility, flight and other powers. Z
It is currently unclear whether Wan would come back to direct.
He also criticised "Aquaman" for not properly dealing with the real issue of preserving the ocean.
Though the director of the first installment, James Wan, will be returning as a producer with Peter Safran, it is unclear whether he will direct it or not.
The film, set around the underwater kingdom known as The Trench, would be produced by Wan and his frequent collaborator Peter Safran.
'Ant-Man and the Wasp', 'Avengers: Infinity War', 'Black Panther', 'Christopher Robin', 'Jurassic World: Fallen Kingdom' and 'Mary Poppins Returns', among others are part of the shortlist.
At present, James Wan is getting plaudits for adding his touch to the fantastical story of Warner Bros project 'Aquaman'.
Jason Momoa-starrer 'Aquaman' released in India on December 14, a week ahead of the US release.
James did such a great job with the character and this incredible world he’s created – Atlantis — with seven different kinds of creatures.
Playing a warrior princess for the first time, Amber Heard, who plays Mera in Aquaman, tells us about how she loved playing a warrior queen, working on getting just the right look for her character.
The 51-year-old actor is playing Queen Atlanta in the director's "Aquaman".
James Wan’s Aquaman, however, not only succeeds in establishing the character, but does so taking all these jokes in its stride.
Hollywood director James Wan was in Manila to promote 'Aquaman' along with Jason Momoa and Amber Heard.