Square Enix and DontNod dropped huge news today and announced that a Life is Strange sequel is in development. It was made over on their official blog, but no other information was provided. The studio stated that
We also revealed a key piece of information that many of you have been waiting some time for now - we can indeed confirm that the original Life is Strange team at DONTNOD are working on a brand new Life is Strange game. We can’t wait to tell you all about it when the time is right, but for now we are hard at work ensuring it is the very best game we can create. We’re really thankful for your patience thus far and ask for a bit more time. The new game will not be at E3 in June this year but we will be watching the show alongside you all and wish everyone good luck!
Personally, I don't think this is a good idea. It's like when a great sports player becomes a manager. Very rarely are they as good at managing as they were at players and their legacy suffers as a result. The performances by both Max and Chloe were some of the best we've ever seen in a game. This will have huge shoes to fill, and we'll be waiting to hear more.