There is now word that 20th Century Fox has indeed removed the Fantastic Four sequel from their release slate, something that should trouble people who want a second film to happen.
I’ve heard that the date was gobbled-up by Fox early to stake claim for any Marvel project they were cooking up that could be ready for that date, having the Fantastic Four sequel place-holding the spot for another film. This doesn’t mean they’ve given up on the date completely, they do have a couple of films that could be put in it’s place.
They have plenty of X-Men movies in the works including Josh Boone’s New Mutants, the Jeff Wadlow scripted X-Force, Tim Miller’s Deadpool sequel (creative team is already kicking around ideas with producers), and a potential Wolverine reboot.
It’s unlikely that Bryan Singer’s next film will be ready for a June 2, 2017 release. Although, if Gambit or Wolverine 3 needed to be bumped to different dates because of production delays that spot is now open.
They still might want to make this second film, I have no understanding why they’d want to do that without some sort of creative help or co-production deal with Marvel Studios, but it is what it is at this point. The film was removed from that release date, and we’ll have to wait to see if it’s actually dead. A crossover with their X-Men franchise has been a big rumor circling for a while now, but I feel it might be hard considering the poor reaction to the first film, they might not want to connect it to the X-Men right away.