Atlus has made it clear that it’s very unlikely there will be a Demon’s Souls 2.
Atlus PR manager John Hardin commented with fans on the PlayStation Blog and mentioned that a sequel to Demon’s Souls won’t be happening.
He said:
PS Blog Exclusive: can 100% confirm there will NOT be a Demon’s Souls 2. :(
He mentioned that people should not get their hopes up since Sony owns the IP. It’s up to them if they want to go through with developing Demon’s Souls 2 or not.