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celador said:
Are Naughty Dog still two teams? I guess they must have had at least a small team working on it while Uncharted 4 was being done. Still seems too soon

I want it announced when Sony and Naughty Dog are 95% sure they can release it within the following 18 months. Otherwise, don't bother. There are plenty of other exclusives to look forward to, save the announcement for later.

Yup.

Stolen from the PSX OP:

The Last of Us 2 has been in active development at Naughty Dog since early 2014, might be revealed soon

The Last of Us achieved massive success, both critically and commercially. Sony shipped over 7 million units on PS3 alone and including sales of the remastered PS4 version the game might be over 12 million copies sold. And fans of the game might not have to wait long for a second chapter as it seems that the game has been in active development since at least early 2014.

Michael Knowland finished his work on “prototype head sculpts” at Naughty Dog in April 2014, and if his LinkedIn Profile is to be believed, The Last of Us 2 has been in development for quite some time. Additionally, Naughty Dog Boss Evan Wells admitted later that year that the second team at Naughty Dog was developing something on the scale of Uncharted.

"We definitely have another project on the scale of Uncharted in very early pre-production stages," Evan Wells said back in June 2014. "We have the sizeable team that it takes to get something like that off of the ground, but it's got a long runway in front of it. We have a lot of great ideas, and some stuff that is already getting everybody jazzed and excited."

Additionally, industry insider, Shinobi, has hinted that the game will be revealed before E3 2017.
Source & Source 2