The company might work on it after finishing Wasteland 2
Colin McComb, one of the developers who worked on the original Planescape: Torment, says that he is interested in revisiting the classic role-playing game now that he has completed the work he needed to do on Wasteland 2 at inXile.On his blog he states that, “Of all the games I’ve written, the one that I keep circling back to is Torment. And now that the bulk of my work on Wasteland 2 is largely complete (with some iteration work that still needs to be done), I can start thinking about Torment seriously.”
McComb says that he would like to once again create a game experience around the core philosophical experiences of Planescape and use a new role-playing system for the game.
The biggest obstacle for a direct sequel is that the rights to the game universe are still held by Wizards of the Coast and they are not interested in a licensing deal.