Unfortunately, there is no official sequel to Elf (2003) starring Will Ferrell and Peter Dinklage. The original Elf, directed by Jon Favreau,

is a beloved Christmas classic about Buddy (Ferrell), a human raised by elves in the North Pole, who travels to New York City to find his biological father. Along the way, he spreads holiday cheer in a world that has grown cynical.
There have been rumors over the years about a potential sequel, but Will Ferrell has reportedly declined to revisit the role due to creative differences and a desire to preserve the magic of the original film.If you’re curious, I could help imagine what an Elf 2 story might look like! Let me know if you’d like a fun, speculative take.