The legendary Tim Schafer who's also standing behind the first iteration said the Psychonauts 2 is in its very early stage. A great part of the team that was working on the number one, will be working on the sequel as well, including the original voice actors, as well as Erik Wolpaw who wrote the first game's story and who's currently employed at Valve where he worked on Portal's story.
The project is planned to be finished by 2018, if everything goes according to plan in regards with the funding campaign, of course. 'Double Fine' is asking on Fig (this time, they tried avoiding Kickstarter) for a not-so-small sum of 3.3 million dollars. As it stands, the campaign got heated a lot, since it already managed to obtain more than $ 700.000 on the first day.
While you're at it, take a look at this fun promo video for the Fig campaign, made by Schafer and the team: