Iglesias played DJ Tobias in Magic Mike and says: "Word has it that Matt's probably not gonna be involved, because he's worth a lot of money now - that whole Oscar thing."
Writer and star Channing Tatum told GQ that the sequel sees Mike and some of the others heading out on a road trip tour of stripper conventions.
There were rumors that even if McConaughey did return that "his role will be drastically smaller than before."
Steven Soderbergh's longtime assistant director Gregory Jacobs ("Criminal," "Wind Chill") is taking over the helm of the film. Jacobs served as both assistant director and producer on the first film while Soderbergh will stay on as an executive producer of the sequel.
While no deals have been signed yet most of the original's key cast members are expected back including Tatum, Matt Bomer, Joe Manganiello, and Alex Pettyfer.
Production hopes to begin in the Fall.
"Magic Mike 2" has a release date - July 3rd 2015.
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