Coming from a NextN interview with Yacht Club's Sean Velasco...
Q: After doing the King Knight DLC campaign, are there any possibilities of seeing Shovel Knight 2?
A: Yes, but it would also be really amazing to work on something fresh and new. For now, start thinking about what the next 8 knights could be like!
Q: Some time ago, Yatch Club Games confirmed that, in 2017, you would work on a completely new project. Can you give us a little preview of what we could expect from it? Will it be completely different from Shovel Knight?
A: It will probably be something that is very different than Shovel Knight, but still retains our distinctive Yacht Club Flavor. Nintendo made Mario, Zelda, and Metroid, but they are all distinctly Nintendo. I'd love to make another franchise that people love even more than Shovel Knight!