5 Things to Know About the Magic Mike Sequel

Channing Tatum in Magic Mike

WARNER BROS.

The Magic Mike sequel is oiling up and ready to get busy: Warner Bros. confirms to PEOPLE that the flick is due July 3. 2015, with with, of course, star Channing Tatum returning. But as for that rumored title –Magic Mike: XXL– it's not certain and might change, insiders say. Here's five more things to know about the sexy sequel:

1. Some of the Original Cast Might Be Returning
"I think everybody's gonna be back, I think, and obviously nobody's deals are done," Magic Mike writer and star Channing Tatum told MTV at the Movie Awards Sunday. Insiders say some of the gang are in fact close to deals to return – including Matthew McConaughey and Joe Manganiello – but not yet Alex Pettyfer. Pettyfer's rep has not commented.

2. One Person Not Coming Back: Steven Soderbergh
He retired from Hollywood last year and won't be returning for the sequel, but director Steven Soderbergh's handing off the reins to a worthy standby. His protégée, Greg Jacobs, will step in for the next installment, despite reports that Tatum himself would be directing. Jacobs has helmed two films (Criminal and Wind Chilld), as well as boasts assisting creds on nearly 50 other projects, including Erin Brockovitch, HBO's Liberace biopic Behind the Candelabra and, of course, Magic Mike.

3. The Story's About …
MTV confirmed the news with Tatum that sequel will be a roadtrip story, adding that it won't be as dark as the original story. "We don’t want to make it some serious slice-of life movie," Tatum told MTV. "We want to have real, like, reality in it, but we don't want to make some dark drama."

A year ago, writer Reid Carolin dished on the (then-rumored) sequel to Screen Rant. "We have a story…It's a road movie sort of thing, where a bunch of strippers get back together. It's more of a broad comedy."

4. Star Joe Manganiello Recently Got Some More Stripper Experience
While he put on quite a show as beefcake Big Dick Richie in Magic Mike, Joe Manganiello was behind the camera in another male stripper film. Manganiello produced and directed La Bare, a documentary in which he interviewed the exposed stars of the famous Dallas male strip club. The doc premiered at Sundance and opens on June 27. "You get to see these big, strong guys really pen up to you and pour their hears out on camera, which you would never expect," Manganiello told InStyle.

5. The Movie Should Measure Up to Its Title
Tatum promises the follow-up will be even more over-the-top than its predecessor. "We want there to be a s--- ton of fun. A s--- ton of ridiculous stuff that you would never see in a movie, on the face of the earth, ever again," he told MTV. With its slated 4th of July Weekend release, the flick will be up against another blockbuster: the latest Terminator installment. Despite the competition, if it's anything like the first film (which grossed $167 million worldwide), the return of Magic Mike is expected to be a moneymaker.

Source: People