inXile Entertainment, the developer that has recently been hard at work on Wasteland 2, has confirmed in an interview with Rock, Paper, Shotgun that it is now developing a new Torment game in the same vein as Planescape: Torment. Due to licensing issues, this new game will not be using the Planescape setting owned by Hasbro and Wizards of the Coast, but will instead be using the setting created by Monte Cook, a former designer for Dungeons & Dragons who worked on the original Planescape setting, for his own tabletop RPG Numenera.
Unlike the world of Planescape which is filled with all manner of magical creatures, gods, demons, and devils, the setting of Numenera is more rooted in science fiction with post-apocalyptic themes. It may not be a high-magic setting, but it has many of the same themes and will be just as strange as Planescape was.
While the setting may be different, many members of the team that worked on Planescape: Torment will be working on the new Torment, including some of the writers who were critical to the original. Many of the staff who are working on this game were those who are no longer needed for the work on Wasteland 2, so it is likely that the new Torment will not enter full production until that game is completed.