Doubtful. He claimed he was in talks with EA a while back, but EA flat out denied it (which they could be lying).
Also, he's heralding the doom of traditional games and has been promoting the mobile/social "game" trash, so even if it was it would probably be like the original, but with a Zynga-esque monitezation scheme.
I don't have much hope for whatever he's working on after the blunder known as Tabula Rasa (scrapping the entire project and starting from scratch two years into development is never a good idea).
Ive played UO1, and even back then UO2 has been talked about WELL OVER 10 years ago.
It's been canceled more often than Pamela Anderson had breast enlargements.
UO2 has been stopped and started a number of times, the UO community simply "does not want" a UO2 to come into being.
They love the 2D client too much, it's the main reason 3rd dawn and the current 3d client upgrade have failed so hard.
The game has had more expansions and pixel crack added to it than there are "the Sims" games currently in existence. And there are a LOT of those.
If Richard Garriott himself wishes for a UO2 to be made, he should do it well and truly far away form EA because they'll milk it more dry than a desert.
The 3d client failed because it was just shit. Memory leak central, constant crashes and just very poor performances not to including fugly. As far as a Cash shop player driven sequel? Sounds promising as long as it isn't pay for power type like a great deal of them are. As far as Lord British having control of it, I doubt EA would every release the strings to it unless they though it would be a total flop.