Diamond Select Toys have confirmed the Select 7" scale figures they will be releasing in 2017 for the Guardians of the Galaxy sequel.
DST skipped the first Guardians movie, but following the sucess of the movie they have been very vocal about the fact they will be doing 7" figures for Vol. 2. Although ideally fans would want to see the full team, we have to be aware of the licencing restrictions on Diamond and the amount of figures they can release.
DST do seem to have gone for the best solution and will release 7" figures of Drax and Starlord. Drax will be packed with Baby Groot, while Star Lord will come with Rocket. That would leave Gamorra un-accounted for at this stage - and then you would be on to secondary characters like Yondu - and if you collect Select MCU figures you know that level of release is pie in the sky.
With smaller figures packed in with the main figure, it may be the case that there will be no diorama piece packed in. It is also not clear as yet if Starlord will come masked or unmasked, or both. Disney store often released a revised version for their own stores, so there is a possibility that the main release comes masked and then you have to double dip the Disney release for the unmasked version.
There are no images as yet for the figures, we would assume the first reveal would be at Toy Fair 2017 in February. Based on the timescales and precedents set by DST for other movie releases - we should expect these about 2-3 months after the films release in April 2017. RRP for the UK is £19.95