Update: It has been clarified by Warner Bros. and DC Comics that while scenes from Shazam were included in the sizzle reel presentation for their future lineup, Shazam 2 was not verbally confirmed by anyoen from Warner Bros. during the big panel at CCXP. This doesn't mean it's not happening. But Warner Bros. and DC have not officially confirmed the sequel at this time.
It's now official. Shazam 2 has finally been announced. Warner Bros. made the announcement today at CCXP in Brazil and the fans in attendance went nuts. Zachary Levi will be back, but it's unclear when production will begin. Earlier this year, before the sequel was announced, Levi estimated that production could start as early as summer 2020, which would make sense in terms of the timeline. However, we have yet to receive official confirmation on that matter as of this writing.
Shazam! hit theaters earlier this year and it was a breath of fresh air for the comic book genre. It took elements of the DC Universe and mixed with the heart of Tom Hanks' 1980s classic Big. Zachary Levi has said more than once that taking on the role was a life-changing event, one that he thanks Guardians of the Galaxy director James Gunn for helping him get. Gunn was the one to recommend Levi for the role and the rest is history. Fans have been waiting for a sequel announcement for months now, so it's nice to finally know Shazam! 2 is officially happening.