I don't know if anyone else in this forum got in to Beyond Good and Evil, one of the most criminally underrated games of the last decade. If you haven't heard of it, I'd recommend searching it out. Fans of Oddworld would like the production design and plot.
Anyway, Michael Ancel (also well known for the King Kong game) has revealed that he's working on pre-production on a sequel and is hoping that Ubisoft greenlight him.
News story
here and a rather odd teaser trailer and a couple of images can be seen
here.