Kingdom Hearts II is slated for a December 2005 release in Japan, but it won't be shipping just as a standalone game. A "Kingdom Hearts Deluxe Limited Edition Package" will be released on December 22nd, 2005, and will contain the previous released Kingdom Hearts and Kingdom Hearts: Chain of Memories in addition to Kingdom Hearts II. The special packaging will feature illustrations by creator and character designer Tetsuya Nomura.
The Deluxe Limited Edition Pack will sell for 16,180 yen, or about $140 US. It is unknown at this time whether or not this package will see a release outside of Japan.
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