There have been reports about the development of a #Labyrinth sequel since 2016. The teams have changed with each report:

2016 - Nicole Perlman scripting
2017 - Fede Alvarez directing/Alvarez and Jay Basu scripting
2020 - Scott Derrickson directing/Maggie Levin scripting

Nicole Perman report (film described as a "reboot"): https://variety.com/2016/film/news/sony-reboot-jim-henson-labyrinth-1201686662/
Fede Alvarez report (again, a "reboot"): https://variety.com/2017/film/news/dont-breathe-labyrinth-reboot-for-tristar-1202030102/
Scott Derrickson report (now described as a "sequel"): https://deadline.com/2020/05/labyrinth-sequel-scott-derrickson-director-maggie-levin-write-script-doctor-strange-1202943188/

To me, it seems pretty clear that a re-think occurred between 2017 and 2020, when they shifted gears from a reboot (presumably some sort of re-imagining of the original story) to a sequel. Personally, I'm glad for this - I want any new film to take the original into account.

But really the whole point of this thread is to show that I'm taking this report with a pinch of salt for good reason. There have been a lot of reports, but very little tangible movement. We'll see...