The team at DONTNOD Entertainment has confirmed they're working on 'a new Life is Strange game', and have been since the release of the boxed version last year.
That, however, is literally all the information we have, aside from the fact that they've really liked the fan response Life is Strange received. There is no confirmation on whether Max and Chloe will be returning, or whether it'll be a new entry in the series with some similar themes (kind of how the American Horror Story TV show goes). They've also confirmed they won't be at E3 with the game this year.
Until a name is confirmed everyone will probably call it Life is Strange 2, but we're holding out for 2 Life 2 Strange.