Marvel Studios had intended for Loki to 'retire' after the conclusion of the first season of the Loki television series.
Loki emerges as one of Phase 4's most crucial undertakings in the Marvel Cinematic Universe (MCU). Not only does it address Marvel's trickster god's whereabouts post-Avengers: Endgame, but it also directly delves into the concept of the multiverse - a central theme pursued by Marvel Studios, paving the way for a slew of other works like Spider-Man: No Way Home or Doctor Strange In The Multiverse Of Madness.
Loki will make a comeback for at least one more season to continue his unfinished multiverse journey. However, prior to this, Marvel Studios crafted an entirely different conclusion for this character, one much gentler instead of thrusting Loki into the complexities of space and time as seen in the official broadcast version.

What Unfolded in the Alternate Ending of Loki?
Before delving into Loki's alternate ending, let's reminisce about what transpired in Marvel Studios' official broadcast.
After a long journey to uncover the true nature of the Time Variance Authority (TVA), Loki, along with Sylvie, another variant of himself in the Marvel multiverse, reached the Citadel at the End of Time. Here, they encountered a mysterious man who called himself He Who Remains.
He Who Remains is essentially a scientist from the future, who discovered and unlocked the doors connecting the timelines within the Marvel universe. However, other variants of this character waged a multiversal war to assert their own power.

In the end, He Who Remains emerged victorious in that conflict, creating a singular timeline to ensure that chaotic multiversal events like these would not occur in the future. He controls everything within this timeline and established the TVA to manage branching timelines, similar to what happened in the first season of Loki.
He Who Remains offered Loki and Sylvie to take over his position. However, due to Sylvie's deep-seated enmity towards the TVA, she took action to kill him, thereby releasing the multiverse that had been restrained within a single timeline. Meanwhile, Loki was pushed into the headquarters of the TVA in an alternate reality, where he was seized by another variant of He Who Remains.
An Alternative Conclusion for Loki
In the book Marvel’s Loki: The Art Of The Series, released on November 2nd, Wesley Burt, the illustrator of this project, revealed an alternative conclusion for Marvel's trickster god.
Following a journey filled with ups and downs and no shortage of tragedies within the MCU, Loki ultimately finds peace for himself. He ventures into a completely different world, donning various outfits to showcase the change in his mindset and attitude.

Wesley revealed: “These outfits serve as our farewell to Loki and will be worn by him in the final segment of the film. Loki has matured and changed a lot, and he himself has become calmer at that time. Loki was supposed to have his own journeys in a completely different world.”
“Some outfits are designed in combination with the TVA uniform that Loki wore throughout the first season. Consider them as custom versions just for him. And some other costumes are designed based on Loki's variants in Marvel comics.”
“I also like the idea of Loki being a 'fashionista'. So we created some outfits designed like trench coats with double belts, straps, and many accessories attached to the coat.”
What Awaits Loki in Season 2?

Loki Season 2 will welcome back most of the main characters from Season 1, including Loki (Tom Hiddleston), Sylvie (Sophia Di Martino), and Mobius M. Mobius (Owen Wilson). Additionally, Quan Kế Huy, an actor who appeared in the blockbuster Everything Everywhere All At Once, will also join this project.
The upcoming season will reveal the direct effects of Sylvie's actions on the Marvel multiverse, both positive and negative. At this point, He Who Remains no longer controls the MCU timelines, allowing other versions of himself to rise and prepare for the next multiversal war.
Foremost among them is Kang the Conqueror, the next antagonist of the film Ant-Man & The Wasp: Quantumania, and likely the 'big bad' of the MCU in the coming phases. Additionally, Loki Season 2 will address the question of who is running the TVA - Kang, or another variant of him.
As planned, Loki Season 2 is set to premiere in mid-2023 on Disney+.