Wallis mentions that he hasn’t seen a script yet, however there is a "working" screenplay is available. Also many, if not all the other actors" from Cars will be re-enlisted as he has been.
Wallis notes that he wasn’t even aware of Cars 2 until a few weeks ago. Cars 2 is set for release in 2012, and will coincide with the opening of Cars Land at Disneyland Resort in CA.
Read Wallis’ full comments here.