Talking to Seth Grahame-Smith, given the job of penning the sequel's script, Shock Till You Drop have revealed that Keaton has met with the screenwriter and is looking to reprise his role as the titular bio-exorcist. Grahame-Smith reported that he had met with Keaton and that the actor's excitement level was 'huge'.
Grahame-Smith stated that Keaton has "been wanting to do it for 20 years and he'll talk to anybody who will listen. I really told him, I have a huge reverence for Tim and a huge reverence for the film in general. I don't think we should do it if we shit on the legacy. He agrees. So, right now, it remains to be seen, I have a couple story ideas but we're very early out."
Grahame-Smith has several projects lined up currently, with Abraham Lincoln: Vampire Hunter on its way, an animated film for Tim Burton, and an adaptation of his upcoming book Unholy Night before he can begin work on Beetlejuice 2, but it can only be a good thing that the film is going ahead with both Michael Keaton and Tim Burton.
Source: Shock Til You Drop