We reported in May 2013 that Entourage creator Doug Ellin has come aboard to write the script and possibly direct the sequel. Billy Bob Thornton revealed that they are still waiting for a script to come in, while admitting that the follow-up won't be as good as the first.
"We're just waiting for a script, you know? We're never gonna beat the first one but you got to get as close as you can. You just can't go and do it haflway so we're waiting for something that's close enough. It'll do real well I imagine and people will say, 'Well, it wasn't as good as the first one' and we'll say 'Yeah, we knew it wouldn't be' but I think it should be fun and I think people who liked [the first one] will enjoy it and hopefully we'll get it off."
It should be noted that, in October 2013, five months after Doug Ellin signed on to write the script, Warner Bros. gave his Entourage movie the green light, with production commencing in January 2014. It isn't known if Doug Ellin completed the script before starting work on Entourage, but he did cast Billy Bob Thornton in a key role in that movie.