Still being worked on. If Bohemian Rhapsody is getting a sequel I say it's very possible that Michael can get one too.
Bohemian Rhapsody 2 is very much in the works and Sir Brian May has given fans a long-awaited update on the Freddie Mercury movie sequel.
www.express.co.uk
Assuming the movie ends exactly in 1993 a full length sequel is very doable with the material we got left. The movie could start with Michael getting back on his feet after the settlement and show events from the HIStory era like some of the making of the album itself, the tour, the birth of his children, the video clips, etc.
Then it goes on to show the events from the Invincible era like the accident from the MJ & Friends concert, the 30th anniversary concerts, the recording of WMCIG, and the release of his last album.
As for 2002-2009 it shows the birth of Blanket, the Bashir documentary and the repercussions of it, the second allegations, the trial, and once the trial ends it could show a bit of MJ's stay at the middle east. Then it goes on to show MJ signing up for the TII concerts and preparing for them, and at last, his death.
Hell, MJ had such an extensive career that you could easily make multiple movies or a TV series out of it. In fact I would've preferred if the biopic was a TV show so they wouldn't have to rush out any events. There's only so much that they cram into a 2-3 hour feature film.