According to UK gaming magazine, PlayGamer, the a sequel to 2007 PlayStation 3 exclusive, Heavenly Sword, is apparently in the works over at Ninja Theory.
The article says, "The second game is expected to be an open world sandbox affair set 10 years after the events of the original game," the article concludes. "Currently no news has been announced regarding a release date, nor has any media been released. Expect to hear more at E3."
Ninja Theory are also currently working on a Devil May Cry game for Capcom. Following Heavenly Sword, they previously worked on Enslaved, with Namco Bandai and Andy Serkis.
Source: The Silent Chief