It looks like it could actually be a possibility. Coming Soon.Net said the following:
The persistence of the producers Peter Davis and Bill Panzer. They’re in negotiations with Miramax for at least another movie. I believe they’re trying to sell the idea of a trilogy, somewhat akin to the Lord of the Rings. Each movie would be complete in its own right but there would be an overall story across the board. I probably shouldn’t be saying that, it’s not official.
I don’t know if I should be excited about this or dread it. We’ll have to see.