Max Schaefer, designer extraordinaire, hinted in a recent interview that that's the sort of future addition he'd like for Torchlight II. He said that his personal hope for the game would be "to get the building and resource aspects of Minecraft and put them into an ARPG, just so it's a little more than just wandering from one monster to the next and hitting them."
Schaefer is a fan of this idea as a way to lend a sense of permanence to the game and a way for players to add to their game world. However, he's not the only person at Runic Games, which means his idea is just one of many possibilities for the future of Torchlight II. "We're a long way from exhausting the possibilities," he added.
To hear about power creep, player mods, and how awesome a Minecraft-Torchlight II fusion would be, hit up the full interview.