Jay-Z and Kanye West will re-team for a sequel to Watch The Throne. According to Mike Dean, a veteran producer who worked on the first collaboration album, rap’s royalty will go back into the studio together.

“I’m working on the G.O.O.D. Music album, of course,” Dean told Quiet Lunch. “And Watch The Throne 2 — it’s not started yet, but it’s coming.”

Jay had already raised the possibility of a second Throne album, telling MTV in December that he and West were

“in a great place creatively.” In that interview, he said the second disc could drop in 2012.

As for the G.O.O.D. Music compilation Dean is working on first? Expect that record to be a vision statement for West and his labelmates (Big Sean, Pusha-T and a host of other artists are expected to appear).

Busy times for the two gentlemen, with West debuting his breakthrough film/art installation “Cruel Summer” at Cannes (with big brother Hov in attendance, natch) and new-ish dad Jay-Z continuing to perform and support his wife, Beyonce, as she returns to the stage.