The show is still very much alive according to Gunn, but can't receive a second installment due to the priority of other projects in the upcoming DCU.
James Gunn Reveals Peacemaker Season 2 Release Window
A fan on Twitter asked Gunn about the current state of Peacemaker, and if it was even going to be released at all. Gunn replied by saying, "Yes after Superman."
Superman: Legacy is set to be released on July 11, 2025, so by Gunn confirming that Peacemaker will come out after the feature film, fans can expect to see it sometime after that date.
Another fan also asked Gunn about Waller, the Peacemaker spin-off about Viola Davis' titular character - specifically if it is still planned to release prior to Superman. Gunn tweeted back at the fan and said, "If it's done in time, yes."
This further confirms that the events in Waller are supposed to take place between the first two seasons of Peacemaker, as Gunn stated in the past.
When Exactly Will Peacemaker Season 2 Premiere?
At the moment, it seems as though Peacemaker Season 2's release date is really dependent on when Waller comes out.
If Waller does get finished in enough time to be released before Superman: Legacy, then fans can probably expect to see Season 2 of Peacemaker sometime in fall 2025, since Superman fills the the summer slot.
That would put the time gap between the first two seasons at a little over three-and-a-half years, and also give a nice cushion of time between Waller and Peacemaker.
If Waller isn't able to come out before Superman, then it will likely be in that fall 2025 slot, which would most likely push Season 2 of Peacemaker back into early 2026.
Season 1 debuted in January 2022, so if Season 2 was released around January 2026, that would put about four years between the two.
No matter when the two shows actually release, fans can expect to see John Cena back in his titular role at some point in the future.