From Hector over at TheAnimationBlog.com:
Disney/Pixar has revealed that the 2012 sequel formerly known as Monsters, Inc. 2 will be officially titled Monsters University. No word yet on whether or not Billy Crystal and John Goodman have signed on to reprise their roles, but it is expected they will be back.
Hector also reveals the general plot of the movie. Head over to learn more.