A post on the game's official Facebook page announced that the game is still under way after reports of cancellation last year.
"The Stalker team is extremely happy! Why? Because we are continuing work on Stalker 2 after the holidays."
The game was reported as cancelled late last year with the news that developer GSC Game World would close. It is unknown what capacity the development team is working, whether a new studio will be formed or if they will reopen GSC Game World.
GSC Game World was best known for its post-apocalyptic survival S.T.A.L.K.E.R. series, which included Shadow of Chernobyl, Clear Sky and Call of Pripyat.
In 2006, the studio 4A Games was formed by ex-GSC Game World developers. 4A Games launched Metro 2033 in 2010, with the sequel Metro: Last Light scheduled for a 2012 release.
Watch the announcement trailer for Metro: Last Light below: