Steven Soderbergh took Magic Mike to a surprisingly successful box office in early 2012, but he will unfortunately not be directing the sequel to the film. However, he remains on board as a producer and he recently spoke about the progress of Magic Mike 2.
He explained that despite not directing, he will stay involved in the project, adding, "I want to help. I have some proprietary feelings about it, obviously. I want to make sure it gets done and done well, so we meet every couple of weeks to talk about where it’s going.”
He also gave updates on the progress of the story and script of Magic Mike 2, saying, "We actually just had a meeting about it the other day. It’s getting pretty far along. They’ve got a good idea. There were some stories and events that Channing lived through that we just couldn’t fit in the first one. One of them is a really hilarious and very cinematic idea that we reluctantly didn’t put in the first film, because it was such a big idea you could build a whole film out of it – but we didn’t want to build that film out of it. It’s perfect for this, though.
There's no word on when the script will be ready, but they are under no rush considering that there is no release date or production start date that they have to stick to. Channing Tatum's schedule is pretty packed for the next couple of years, and Soderbergh is of course going into his 'retirement'. While he clearly remains committed to seeing the sequel through, they have to first finalize a script and director before they can move forward with anything else.