In an interview posted on MTV's site with J. K. Simmons and Michael Keaton at the Academy Awards they revealed a few tidbits about the Kong: Skull Island.

 First the film will take place in 1971 in Detroit, which is interesting because it will take place closer to the '70's Kong remakes time frame rather then the time frame of the original and the 2005 remake which took place in the '30's. 

The second bit of info is that it will be an origin story, which hopefully means sequels. 

Keaton also seemed to suggest he is definitely on board. Kong: Skull Island is set to be released March 10, 2017.

From Bloody Disgusting 
One of the greatest actors of our time, Michael Keaton, is said to be finalising a deal to join the cast of Legendary Pictures’ Kong: Skull Island, says Deadline.

Keaton – best known to us from Batman and Beatlejuice, as well as the recent critically acclaimed Birdman (pictured), will join the previously announced Tom Hiddleston (Only Lovers Left Alive, Avengers, Thor) and JK Simmons (Whiplash).

Kong: Skull Island promises to fully immerse audiences in the mysterious and dangerous home of the iconic ape as a team of explorers ventures deep inside the treacherous, primordial island.

Jordan Vogt-Roberts directs from a script written by John Gatins and Max Borenstein.

Universal Pictures will distribute the King Kong-inspired film in 3D and IMAX 3D on March 10, 2017.