It is probable, but don't get your hopes up. Sam and Max 2 is falsely being reported as oficially back in development, but it's only a rumor now.
Check out this link for more info.
Not to rain on anyone's parade here... I want Sam and Max ressurected as much as the next guy! Been ages since the Saturday morning cartoon and comic book.
If it WERE true, and Telltale WAS reviving the project, I wonder how much of the exsiting work they did over at LucasArts will carry over, or if they had to start from square one all over again. I sort of liked the idea they had mentioned earlier in the year about several "episodes" comprising the game, and the ability to download additional episodes soon after the game shipped.
Could you imagine..... a mod community for Sam and Max (or any LA-style) adventure game? In the right hands it could really be something...