Last years Skyfall became both the highest grossing film in the Bond franchise and the highest grossing film in the UK of all time, with $1.1 billion in worldwide ticket sales to date.
The film also won two Oscars. One for Adele's best original song and another for sound editing.
It's proving to be a busy period for Mendes, currently helming the West End production of Charlie and the Chocolate Factory, starring Douglas Hodge, in London.
"I am very pleased that by giving me the time I need to honour all my theatre commitments", Mendes said in a statement, "the producers have made it possible for me to direct Bond 24. I very much look forward to taking up the reins again, and to working with Daniel Craig, Michael G. Wilson and Barbara Broccoli for a second time."
Wilson and Broccoli added: "Following the extraordinary success of Skyfall, we're really excited to be working once again with Daniel Craig, Sam Mendes and John Logan."
Bond 24 already has a UK release date set for 23 October 2015, while the US release is scheduled for 6 November.