There appears to be a "Rio" sequel in the works.
According to Sergio Mendes, who wrote the Oscar nominated song "Real in Rio" for the film, has said as much. "Fox has been talking about (it) and it looks like it's going to happen. We're going to have a meeting I think next week and Carlos [Saldanha, Director] is coming to town to tell us the story, and it looks like it's a go".
There is currently no script or any deals in place.