Updated August 26, 2016: In one of his now famous Facebook Q&A sessions, Guardians of the Galaxy Vol. 2 writer/director James Gunn has now revealed that the space dinosaur in the previously unveiled concept art is called the "Abolisk," and is a multi-dimensional monster the Guardians have been hired to fight in the 2017 movie.
Gunn also revealed that Vol. 2 would take place two months after the end of the 2014 original film, and that there are more characters in store that have yet to be revealed - including one played by Sylvester Stallone. He also confirmed that there would indeed be a post-credits scene in Guardians Vol. 2, something that has become standard practice for Marvel Studios films.
Original Story: Director James Gunn has tweeted some new official concept art for the film, which will appear in an upcoming issue of Empire. In the Andy Park illustration, the Guardians are squaring off with a space dinosaur of some sort with tentacles.
Guardians of the Galaxy Vol. 2 is scheduled for a May 5, 2017 theatrical release.