According to Yahoo! Movies, a sequel is expected but Queen Latifah and Steve Martin will not be returning. It is rumoured that the central plot will revolve around Eugene Levy's character.
I think sequeals are best left for the horror/fantasy movie genre. Good romance movies gives you the feel of a good movie, while making a sequel to it actually lowers it because people judge the movies of the same name with the same perspective and lowers the first movie's rating. Comedy's are even worse, unless it has something else to portray the movie such as adventures(Pirates of the Caribbean) or action (Lethal Weapon).