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Despite Jeffrey Katzenburg's quote that a Monsters vs. Aliens sequel might not be made because of the film's weak performance in some key international markets, DreamWorks Animation, SKG, has decided that they are going to spin the film off into a prequel, and it's for the Missing Link. That's right. Good old Link is getting his own movie. Plus, it's going to be DreamWorks Animation's first traditionally-animated feature since Sinbad: Legend of the Seven Seas, and like their computer-animated releases nowadays, they're going to convert it into 3D.
According to Conrad Vernon and Ron Letterman, the directors of MVA, the film will take place 20,000 years, before said film's events, into the ice age, will talk about Link's origin, where he came from, and will feature his biological parents.
It is also confirmed that Will Arnett will reprise his role as the titular character.
Here's a teaser poster for the film:

Also, here's a teaser trailer for the film.