Once again Todd Phillips will direct the comedy, which Warner Bros Pictures Group president Jeff Robinov said would be “a fitting conclusion to our three-part opera of mayhem, despair and bad decisions.”

The Hangover Part III will open on May 24 2013 and reprises the key “Wolfpack” cast of Bradley Cooper, Ed Helms and Zach Galifianakis as the stag party stalwarts with a penchant for disaster.

Phillips will produce through his Green Hat Films label together with Dan Goldberg. Legendary Pictures head Thomas Tull and Scott Budnick will serve as executive producers.

Production on the film is projected to begin in September 2012. The first two films combined have grossed more than $1bn worldwide.