Yes, Joker 2 is indeed in the works at Warner Bros. and original director Todd Phillips is coming back.
Presumably, Joaquin Phoenix would return to reprise his role as the iconic DC villain.
Warner Bros. would also likely have to cut a pretty sizable paycheck, considering how much money the first movie earned.
It had previously been revealed that Warner Bros. was exploring a sequel and discussions had taken place but, last we heard, no contracts had been signed.