Vanquish this past October, the all-star development studio completed its contractual run. It appears that the publisher still values the relationship, as executive VP of sales and marketing for Sega, Alan Pritchard, told Game Informer in a recent interview that another title is in the works from Platinum Games, with Sega as publisher.
"We have a further title to announce from Platinum Games as well," Pritchard teased, speaking to the publisher's upcoming lineup. Assuming that Platinum isn't working on another new IP or one of Sega's existing franchises, it's choices for a sequel may be limited.
Given Pritchard's admission that MadWorld was a financial miss for both parties, it's probably unrealistic to expect a follow-up to that one. Bayonetta, however, sold over a million copies and stands out as the only big success to come from Platinum's four-game run. Last we heard, Sega was "reasonably encouraged" by early sales of Vanquish.