The God of Mischief is finally facing the consequences of his actions in his upcoming titular series of Loki where he unknowingly created an alternate timeline after he escaped in Avengers: Endgame which prompted the Time Variance Authority (TVA) to take action and seek the help of the favorite MCU trickster to set the timelines right. This brings the question of whether the series is canon in the MCU.
Set in various points of time in the Marvel Cinematic Universe, the series features an extremely important element in the highly-anticipated series of everyone's favorite villain-turned-hero – time. Loki would be facing the Time Variance Authority for his actions and they would be needing him to undo what has already been done or correct the timelines he messed with. Although with trust issues on both sides, Mobius M. Mobius (Owen Wilson) would have to put the trust of TVA in Loki.
To cut things short, yes, it is canon and it will delve into the character more as he explores an untapped portion of the whole MCU with how time really works and what happens when it is messed with.
A recap on who Loki is, he is the adopted brother of Thor who was taken by Odin as he was abandoned after the Battle of Jotunheim secured the defeat of the Frost Giants. Loki is a Frost Giant who grew up under the guidance of Odin and Frigga as their own. Loki has the God of Mischief moniker being full of tricks and using such to his advantage.
Throughout the MCU, he has been both a villain and a hero in the various films he appeared in before facing his demise in Avengers: Infinity War. By the time of Avengers: Endgame, the Loki that escaped was his 2012 self using the Tesseract which soiled the plans of the Avengers in retrieving the stones. Such an act of Loki created the alternate timeline he will be in.
Given that the show is his own, it is possible that Loki will be a good guy fighting off the baddies and trying to make amends for his mistakes. In the trailers of Loki, it can be seen that he still brings trouble but also, he is also expected to do some good as he convinces the Time Variance Authority of his capabilities and carrying out the plan.
Tom Hiddleston will reprise his role as Loki as the titular character in his very own series which will be shedding more light as to how time functions in the MCU and possibly introduce another big bad for Phase Four of the Marvel Cinematic Universe.
Loki premieres on June 9, 2021, Wednesday, via Disney.