The sequel was originally revealed as a possibility if the studio's Kickstarter for Broken Sword: The Serpent's Curse reached over $1 million (£616,362).
The Kickstarter campaign did not meet the extended goal, instead raising $771,561 (£475,549). However, the studio has said it will still begin development on Beneath a Steel Sky 2 after the new Broken Sword title is finished.
"We're delighted by the recent level of interest in a sequel to Beneath a Steel Sky and are currently discussing design ideas for this project which we plan to go into development following the release of Broken Sword: The Serpent's Curse," Revolution Software co-founder Tony Warriner told Develop.
"We're deeply touched that our Steel Sky fans are as enthusiastic today as they were when the original game released in 1994."
The celebrated point-and-click adventure game first released on PC in 1994, with a remake arriving on the iPhone in 2009.
Beneath a Steel Sky 2 will be made for both PC and Mac following development of Broken Sword: The Serpent's Curse.
> Read our review for 'Beneath a Steel Sky'