Oz the Great and Powerful 2 is the current title for a pending sequel to 2013's Oz the Great and Powerful.
According to IMDB.com (which can't be verfied at this time) the current plot info is:
Oz and Glinda have their first born child named Olivia. They don't tell Olivia that an evil spell has been cast on her by someone she never knew.[1]
It has been previously noted that it will "absolutely not" involve Dorothy, since there are twenty years between the events of the first film and Dorothy's arrival since "a lot can happen in that time."[2]
The sequel was first announced in 2013 shortly after the release of the first film without many updates since then.