The second season of Life is Strange is most probably at works. The beans were spilled by Alain Damasio who worked on the script for the first game. In an interview for a French website Alchimy he reportedly said (as noted on Reddit) that he is also returning for Life is Strange 2. The interview was since edited to suggest that things are still up in the air, but the original version had been noticed by other French sources (e.g. Gamekult), so it cannot have just been a misinterpretation. Looks like the game’s publisher, Square Enix, is not very happy to have this information out in the wild.
Either way, the episodic adventure game by the French developer Dontnod proved to be a successful title with over million copies sold even before the release of episode four – keeping that in mind, a sequel seems to be just a matter of time. However, there is little information on what Life is Strange 2 is going to be like. We might expect to see similar motifs and gameplay (i.e. more time-travelling and story-moulding choices). Earlier Dontnod told Polygon that if a sequel to Life is Strange was to be created, the game would feature a new cast of characters – the story of Max and Chloe is complete and will not be continued.