Is a Labyrinth sequel in the works?

In October 2014, news went online that a sequel to Labyrinth is in the works. An article on The Jim Henson Company's in-development film Which Witch in Variety mentioned a Labyrinth sequel among the projects the company had in development.

"It’s also working on a quartet of legacy titles in the Henson library — a “Fraggle Rock” movie that’s been in development at New Regency; a sequel to 1982’s “The Dark Crystal”; a sequel to 1986’s “Labyrinth”; and a movie based on the Emmet Otter character."

After many news sites picked up on the Labyrinth sequel news, The Jim Henson Company cleared things up to Entertainment Weekly a day later. According to sources, "there are currently no plans to reboot, revive, or make a sequel to Labyrinth. It’s one of those legacy titles that is floated at most meetings, but, sadly, nothing is actually in development at the moment.