UPDATE: Bruce Willis Enlisting for G.I. Joe 2

 With production slated to begin later this month, the still-officially-untitled G.I. Joe sequel is still looking to cast the part of the very first Joe, General Joe Colton. Following up on a previous rumor that Bruce Willis will be play the part, The Hollywood Reporter now says that the actor is in negotiations.

The film, to be directed by John Chu (Step Up 3D, Never Say Never), will continue the toy-inspired world depicted in 2009's G.I. Joe: The Rise of Cobra with a primarily new cast (except for the returning Channing Tatum as Duke, Ray Park as Snake Eyes and, likely, Byung Hun-lee as Storm Shadow). Newcomers include Dwayne Johnson as Roadblock, Elodie Yung as Jinx, DJ Cotrona as Flint, Adrianne Palicki as Lady Jaye, RZA as The Blind Master, Joseph Mazzello as Mouse and Ray Stevenson as Firefly.

Willis most recently appeared in RED and will, among other upcoming projects, star in Rian Johnson's Looper and Wes Anderson's Moonrise Kingdom.

G.I. Joe 2 is scheduled to hit theaters on June 29, 2012.

UPDATE: Dwayne Johnson has confirmed that Bruce Willis has joined the cast. He tweeted the following today:

"Welcome brother Bruce Willis to the cast of GI Joe! What an honor."