A sequel to the R-rated comedy has been rumoured since its worldwide success earlier this year, but has yet to be officially confirmed by MacFarlane or Universal Pictures.
Wahlberg - who played John Bennett in the first film - has stated that the follow-up will be "sick".
"They are working on it now," he told Collider.
"The great thing about it is Seth's ideas for the second one are sick.
"He comes from a world of television so he knows how to tell stories, the way that most people don't. He's a different kind of guy."
Wahlberg added that he will most likely start filming Ted 2 once Transformers 4 is complete.