Few details have yet been released about Ballerina, so it's unknown whether John Wick or the Director will appear in the movie, or how much the movie will intertwine with the main John Wick series continuity.
The John Wick series, directed by ex-stunt performer Chad Stahelski, has proved a hit for the Lionsgate studio, since the first movie - centring on Reeves' retired hit man coming back into the game after Russian mobsters murder the puppy given him by his dying wife - became cult viewing.
According to the report, Ballerina focuses on a young female assassin who seeks revenge against the people who killed her family.
This news is actually significant, as John Wick 4 was greenlit a week into John Wick 3's kick-ass time in cinemas.
The Ballerina character featured briefly in the latest John Wick film- she was portrayed by Unity Phelan.
Deadline broke the news earlier today that a spinoff movie of the popular action series - titled Ballerina - has been put on the fast track at Lionsgate.
"Ballerina" follows a female assassin and will be developed as an extension to the John Wick universe. It's now unknown whether or not Keanu Reeves will make an appearance in the film as John Wick, though if he does, it would only be a cameo.
Hatten has since worked on the scripts for Zack Snyder's upcoming Netflix film Army of the Dead, as well as John Wick: Chapter 3 - Parabellum. John Wick: Chapter 3 - Parabellum has generated more than $323 million worldwide at the box office.
Wiseman's directing credits include "Underworld", "Underworld: Evolution", "Live Free or Die Hard" and 2012's "Total Recall".
Ballerina doesn't yet have an announced release date.