Although it hasn't officially been announced as of yet (and there are doubts it WILL be announced), there are many hints in the game that lead fans to believe that there will be a sequel to the original Lunar Knights game. First is the fact that since Polidori is the only Immortal in the game - and is part of a group of Immortals - these newer Immortals have yet to be taken care of before they try to destroy the world once more. The undeadening is far from over and defeating the Immortals seems like the only way to stop it.
Lucian also says that a war between man and Immortal will soon have to take place (or something loosely related).
More hints include the story behind Lucian and Ellen, and also Lucian's past as Sartana. Not much was revealed about Lucian throughout the story, so it is assumed that the story would be developed in this game.
As of January 2013, there has been no confirmation of a continuation of the series, and is generally considered to be abandoned.