Take-Two has filed a new trademark for its popular Bully IP, although that doesn't neccesarily mean that a sequel is on the way.
It's been known for publishers to renew trademarks in order to protect their property so it could be that Rockstar are doing just that. However wouldn't it be nice for us to see a sequel to the PS2 title? Although an update version of the game was released on Xbox 360, Wii and PC in 2008, getting access to a brand new story would be fantastic.
Rockstar don't usually forget about franchises and in the past Rockstar VP Dan Houser has mentioned that a sequel could be considered.
Would you like to see a sequel?