Dontnod, the creators of other games such as Remember ME, has confirmed that the sequel to Life Is Strange has been in the works for over a year. Since over 3 million people played the first game, it goes without saying taht there is a level of excitement surrounding this title.
There is no other information available that Life Is Strange will be episodic just like the firs game or not, but since that feature spread out the story nicely into four parts, it should be a safe bet that the sequel will be broken up into episodes as well. One thing that has been noted about the new game is that it is unlikely that it will be a continuation of the original game, but rather will further explore the universe of the original gamer where time travel was possible.
For right now it does no seem like we are going to see any sneak peaks of the new game at E3 this year, but considering that this game has been in development for over a year and kept out of the public's eyes for the same amount of time, it could be possible to have more news about the game's release be brought up this coming June.