Large Hadron Collider beauty (LHCb) is a dedicated experiment for studying $b$ and $c$ hadrons at the Large Hadron Collider (LHC). LHCb uses a silicon-strip detector, the Vertex Locator (VELO), for high precision tracking of collisions from the LHC. During Long Shutdown 2 (LS2) of the LHC, the LHCb collaboration will upgrade the detector, switching from the current VELO, capable of a 1$~$MHz readout, to a hybrid pixel detector capable of reading out at the full bunch crossing rate of the LHC. Substantial progress has been made in the development of the new detector. The status of the silicon sensors, custom designed VeloPix ASIC and electronic system will be discussed in detail. The current status of the cooling system and RF foil will also be presented.