PSR J2032+4127 has recently been identified as being in a long period (45-50 years) binary in a highly eccentric orbit with the Be star MT91 213. Periastron is due to occur in November 2017 and this rare occurrence has prompted a multiwavelength monitoring campaign to determine if the system is a $\gamma$-ray binary, and, if so, to study what would be only the second $\gamma$-ray binary with a known compact object. In the same direction as TeV J2032+4130, $\gamma$-ray emission from this binary system could be related to the extended very high energy $\gamma$-ray emission from that region. As part of this monitoring, observations are being conducted by Swift, Fermi-LAT and VERITAS.
We present the status of those observations, preliminary results and the plan for continued monitoring through periastron.