Project Orion AKA the sequel to Cyberpunk 2077, is set to begin the earliest phases of development next year, when CD Projekt Red has completed work on its new studio.
As spotted by Tweak Town, the studio is based in Boston, and is expected to be ready by early 2024. This means that, at the earliest, development can begin on Cyberpunk 2077's sequel in 2024.
However, this doesn't mean we'll be seeing gameplay by 2025, as CD Projekt Red will only be entering the R&D phase of development in 2024. Unless work is completed really quickly, we shouldn't expect anything on the game for a few years following 2024.