According to moviehole.net, there's another "Death Race" in the works. This will be the third in the series.

"Death Race 2" has been well received and they are looking to capitalize on that popularity by getting a third into development.  

"Death Race 2" stars Luke Goss as Convicted cop-killer Carl Lucas. He is service a life sentence on Terminal Island where a new program "Death Race" has been developed. The story takes place two years before the storyline of the original "Death Race" film, starring Jason Statham.

There is no word on what timeline the new film will follow.