The Twilight actor is eyeing a "fun" role alongside Adam Sandler in the Columbia Pictures movie, according to The Hollywood Reporter.
> Adam Sandler's Happy Madison in line for 'Summer School' remake?
The original film, which was released in 2010, features four friends who reunite over the Independence Day holidays following the death of their high school basketball coach. It took over $270 million (£170 million) at box offices worldwide.
Grown Ups director Dennis Dugan will return for the sequel, while original cast members including Salma Hayek, Kevin James, Chris Rock and Maya Rudolph have also been tapped to sign up.
Sandler will produce the film with Jack Giarraputo, his producing partner at Happy Madison.
Since rising to fame in the Twilight movie series, Lautner has appeared in thriller Abduction alongside Mirror Mirror star Lily Collins.
Lautner and Sandler were both 'honoured' with nominations at this year's Razzie awards, honouring the worst filmmaking in Hollywood.
Sandler's recent release Jack and Jill broke the awards ceremony's record for most prizes won when it picked up 10 prizes earlier this month.
Watch a clip of Taylor Lautner speaking to Digital Spy about Twilight below: