RPG Codex reports that InXile recently acquired the rights to Torment (without the Planescape part). This could mean they're planning to develop a spiritual sequel, especially since Torment's lead designer Chris Avellone has been collaborating with InXile on Wasteland 2, and another Torment designer named Colin McComb (who is also working on Wasteland 2) wrote a blog post asking fans what they'd want to see in a sequel.
Torment is cool and all but Planescape made it for me. I loved the whole setting. I guess if they could copy that setting and style I would be happy... Still it would just be a copy. I really would love to see Nameless again. Would he be apart of Torment or Planescape? Wonder how that would work.
"Your body is made to be healthy. It’s made to have muscle to be able to avoid being eaten by sabretooth tigers, tyrannosaurus rex, and zombies." - CrossFit North Arlington
"As you may recall, Chris [Avellone] mentioned his ideas for a spiritual successor to Torment with some frequency over the summer. This stemmed (at least in part) from discussions he and I were having about the possibility of resurrecting the IP, and this led to my reaching out to Wizards of the Coast. That did not yield fruit, but it did get the two of us talking about what we'd like to see in any regard, and we both agreed that Planescape was not the best route for us to take anyway, due to the mechanical issues and editorial oversight WotC would want.
He also says Chris Avellone won't be directly involved (at the moment anyway) due to already being occupied with Project Eternity.
If they just bought the rights to Torment, then it can't be in Sigil or the Planescape worlds, so kinda wondering why bother to get the rights for the "Torment" part, other than for nostalgic marketing purposes. I would love another game in the Planescape worlds, so much to play with, can go as far as their imagination takes them. But alas, not in the Planescape universe, so filing this under "cautiously pessimistic", sure they will not live up to hopes.