Contactmusic.com reports that Mendes and the producers touched base recently and agreed that the director could work through his theatre commitments before starting production on the new Bond film next year.
The director had earlier decided to bow out of the popular franchise owing to his work on the West End launch of "Charlie and the Chocolate Factory" and his directing of "King Lear".
Producers Michael Wilson and Barbara Broccoli had begun the hunt for his successor, and "Sherlock" director Guy Ritchie was a likely name on the list to direct 'James Bond' Daniel Craig.
Idris Elba was also among the prospective names, but most likely Mendes will be on board for the new film.
Photos: Salman Khan returns from Jodhpur to Mumbai
Pics: Sidharth Shukla-Rashami Desai's sizzling chemistry at TV show launch
Ooh La Lana! WWE Diva flaunts sexy curves in these 30 pictures
15 'peach' perfect photos of Priyanka Chopra at People's Choice Awards 2017
62 going on 16: These photos of Rekha prove she is 'forever young'