Ferrell revealed the news when he pre-recorded an appearance in character as Burgundy for Wednesday night's Conan O'Brien show.
"I actually have an announcement. I want to announce this to everyone here in the Americas, to our friends in Spain, Turkey and the UK - including England - that as of 0900 Mountain Time, Paramount Pictures and myself, Ronald Joseph Aaron Burgundy, have come to terms on a sequel to Anchorman," he confirmed.
"It is official! There will be a sequel to Anchorman. There will be a sequel."
Ferrell also played jazz flute with the house band and teased O'Brien about his appearance during the five-minute segment.
Adam McKay will return to write and direct the sequel, Deadline reports, while Judd Apatow will produce once again.
Paul Rudd and Steve Carell are also tipped to reprise their respective roles as field reporter Brian Fantana and intellectually-challenged weather presenter Brick Tamland.
Released in 2004, Anchorman: The Legend of Ron Burgundy also starred Christina Applegate as Ron's co-anchor Veronica Corningstone and David Koechner as sports reporter Champ Kind, with supporting players including Luke Wilson, Ben Stiller, Seth Rogen, Tim Robbins, Fred Armisen, Vince Vaughn and Jack Black.
Production on Anchorman 2 is slated to start at the end of this year with a 2013 release date in mind.