I don’t believe it will adopt the A11 bionic chip, I think Apple will implement the A10. I know they used the A9 processor from the iPhone 6s with the SE. I still think Apple is going to keep the iPhone SE 2 if updated as budget friendly as possible with a minor specification update, perhaps a slightly tweaked display and resolution, no 3.5 mm Jack, no 3D Touch, upgraded camera, with a similar price point.
If there is a March Keynote, then I think an iPhone SE2 could be very likely, as they would only have a few things to update.