"You may have heard that a very fine director has written this extraordinary script," the elder Reitman said Friday at 35th anniversary event Ghostbusters Fan Fest, earning a nod of agreement and a double thumbs-up from Ghostbusters star and franchise architect Dan Aykroyd.
"It has really blown us all away, blown Sony away, and he's gonna deliver this extraordinary movie for 2020."
Aykroyd, who penned the 1984 comedy blockbuster with Harold Ramis and serves as producer on this next sequel for GhostCorps, introduced the younger Reitman with a rallying cry: "Next generation, the carrier of the torch, he's gonna take us right there," a visibly enthusiastic Aykroyd boomed into his microphone.
"One, two, three, four, more sequels, Jason Reitman!"
The Juno and Up in the Air filmmaker joined his father, Aykroyd, and Ghostbusters co-stars Ernie Hudson and William Atherton on stage and was welcomed by cheers and applause.
Turning to the three stars to his left, Reitman said, "I guess the only appropriate thing for me to say tonight is, 'My dad says you guys are full of crap,'" referencing his cameo turn as an unimpressed birthday party guest in Ghostbusters II.
A direct sequel to Ghostbusters and its 1989 followup, the third film will ignore 2016's Paul Feig-directed reboot and will reportedly center around a family (Carrie Coon, McKenna Grace, Finn Wolfhard) and their encounter with the supernatural.
Reitman, who penned his script with Gil Kenan (Monster House, Poltergeist), could only tease the project shoots in five weeks.
"It will be a passing of the torch both inside and out," Ivan previously told EW, saying his son's decision to join the family business was one he "had to come to himself."
"He worked really hard to be independent and developed a wonderful career on his own," Reitman said. "So I was quite surprised when he came to me with Gil and said, 'I know I've been saying for 10 years I'm the last person who should make a Ghostbusters movie, but… I have this idea.' Literally, I was crying by the end of it, it was so emotional and funny."
Sony Pictures has dated Ghostbusters 3 July 10, 2020.