The Disney Princess is a character that is forever linked with the concept of romance. Most of the time, falling in love was an intrinsic part of story for classic Disney Princesses and even if that wasn't what the story was about, romance still frequently found a place. This is part of what made Frozen's Elsa so unique. There was never an element of romance in her story, and it seems that lack of of focus will continue in Frozen II.
The fact that there was no romantic element in Elsa's life in the original Frozen largely broke fans into two camps. One side celebrated the lack of romance, as it allowed Elsa to define herself outside of a relationship. However, there was a contingent that hoped that a Frozen sequel might actually make Elsa's romantic life a focus, and reveal her as Disney's first gay princess.
The fact that Elsa had no romantic implications in the first movie meant that there was nothing implying that Elsa was actually straight, and therefore could turn out to be gay. However, IGN asked Frozen II songwriter Kristen Anderson-Lopez what she thought of the fandom that was interested in seeing this, and she made it clear that the sequel will follow what the first movie started, by not focusing on Elsa's romantic life at all. According to Anderson-Lopez...
Like the first movie, Elsa is not just defined by a romantic interest. There's so many movies that define a woman by her romantic interest. That's not a story that we wanted to tell at this point in time. What we really wanted to tell was if you have these powers, how do you grow and change and find your place in the world and find answers that haven't been found before?
For many "Let it Go," the hit song from the original Frozen, became an anthem for coming out and embracing who you are, so it's no wonder that there has been interest in seeing Elsa have a girlfriend and break new ground for the Disney Princess character. On the one hand, it may disappoint fans that we apparently won't see this made clear.
At the same time, if the topic simply isn't dealt with in Frozen II, then it means that the possibility that Elsa is gay still technically exists, as the movie may not present anything to indicate that it's not the case.
Frozen II will deal with the question of Elsa's powers and where they came from. Our band of heroes from the first film will travel to a new land in search of answers, which we know will involve Elsa and Anna's parents. Frozen II hits theaters in November.