In an exclusive interview with Collider, del Toro disclosed that he will direct a small, black and white drama before Pacific Rim 2. Here's the direct quote from del Toro:
The article also includes a few other quotes from del Toro about the film and some of them are pretty interesting. He wants John Hurt and an unknown actress to star in the film and it will also have one giant creature in it. All in all, that's some very interesting information and I'm very happy to hear that he's squeezing a smaller film in there between all these big-budget film. I just love del Toro's imagination and I'm down for whatever he creates. Pacific Rim 2 hits theaters on April 7, 2017. No word on when this new film will be released.