Fox has yet to announce The Exorcist Season 2, but the executive producer seems at peace with things.

Fox's The Exorcist TV series has found a passionate group of fans, but it might not be a large enough group to make The Exorcist Season 2 a reality. The show has been pulling in under 2 million viewers per episode, which might be enough for some networks, but makes The Exorcist Season 2 a long shot on a network like Fox.
Executive producer Jeremy Slater spoke to Deadlineabout the possibility of The Exorcist Season 2. "I don’t know if this is the end of The Exorcist story," Mr. Slater said. "I definitely hope it’s not because I love these characters and this world and I have a lot more story to tell. But if this is all we get, then I feel we went out swinging and on a real high note."
But either way, he's satisfied with this season, even if it ends up as a standalone. "My goal was then that this first season needed to tell a story with a beginning, a middle and an end and that story was the possession of the Rance family," Slater said. "So by the conclusion of [the season finale], you will get a satisfying ending to that story, as was my plan."
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We'll update this with official word on The Exorcist Season 2, one way or the other, as soon as it becomes available.