According to IGN and a few other places, High Voltage Software's Conduit sequel has an 8-page spread in upcoming May edition of Nintendo Power.
Official (confirmed) details are thin on the ground at the moment, but we do know that SEGA is set to publish the title in the US and Europe. We've heard the online play will be enhanced, with far greater customisation of character and weapons whilst local multiplayer will have support for 2 or 4 player split-screen.
The Conduit didn't quite reach the potential High Voltage Software were hoping for in terms of sales, so perhaps a second title with more efficient development time will suit fans of the original as well as investors.
It's only a matter of time before High Voltage or SEGA formally announce The Conduit 2, and we'll post it right here when they do.