The movie will be once again produced by Michael G. Wilson and Barbara Broccoli of Eon Productions.
"I am very pleased that by giving me the time I need to honour all my theatre commitments, 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," Mendes said.
Mendes had helmed Skyfall, the 23rd film in the franchise. Released in 2012, it starred Craig as James Bond.
Earlier, Mendes had expressed his reservations about directing the 24th movie in the franchise, due to his other commitments. But he is now on board for it, reports hollywoodreporter.com.
The next Bond movie's screenplay will be written by John Logan. It will hit the screens in 2015.