NOW YOU SEE ME 2 Likely To Be Directed By Jon M. Chu

I am 100% on board with this decision.  Jon M. Chu, hot off finishing Jem and the Holograms, is the clear frontrunner to direct Now You See Me 2, since Louis Leterrier will not return.  However, all the original cast will be back for round two.
Louis Leterrier will not return for the magical sequel to last year's sleeper hit

Having just wrapped “Jem and the Holograms,” Jon M. Chu has emerged as the frontrunner to direct “Now You See Me 2” for Summit Entertainment, multiple individuals familiar with the sequel have told TheWrap.
Source: TheWrap 
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