The LHCb Collaboration is planning an Upgrade II, a flavour physics experiment for the high luminosity era. This will be installed in LS4 (2030) and targets an instantaneous luminosity of 1.5 x10^34 cm-2 s-1, and an integrated luminosity of at least 300fb-1. Modest consolidation of the current experiment will also be introduced in LS3 (2025). Physics goals include probing new physics scenarios in lepton flavour universality, obtaining unprecedented precision on CKM tests, and expanding the LHCb programme into new measurement areas such as Higgs decays to charm. The detector design options include the introduction of timing information, with opportunities in vertexing and tracking, electromagnetic calorimetery, and hadron particle identification. Preliminary studies for the LHC suggest that the luminosity goals will be achievable. Following the issue of a physics case and accelerator note in 2018, the collaboration has been approved by the LHCC to proceed to the preparation of a TDR.