Director Guillermo del Toro has done his best quelling any rumors of Pacific Rim 2's cancellation following the public delay that had hit the film. According to Del Toro, he had submit his screen play to Universal and that as far as he was concerned, "it's not gone."
However, Del Toro did admit that he "may do another movie in the middle” since the film was a ways off.
Rumors have surfaced once again, claiming that movie is "is off the table indefinitely." The rumor of Pacific Rim 2 being 'shelved' spawned at The Hollywood Reporter, in an article concerning his new project titled Fantastic Voyage – a remake of a 1966 sci-fi classic. Along with Fantastic Voyage, Del Toro is also working on the adaptation of Trollhunters for Netflix.
Whether or not Pacific Rim 2 has truly been cancelled is unknown, Del Toro did say he may to a project in between film production… So there's hope.