Porco Rosso sequel in production?

Acclaimed anime director Hayao Miyazaki is apparently developing a sequel┬áto his 1992 animated film┬áPorco Rosso. The original movie told the story of a World War I pilot who is magically transformed into a pig, with Michael Keaton voicing the main character in the English language dub. If the film–currently titled Porco Rosso: The Last Sortie–ends up getting made, it would be the first time that Miyazaki has ever made a direct sequel to one of his movies.