According to The Los Angeles Times, Paramount's vice chairman Rob Moore confirmed earlier today that a sequel is set to go into development soon. The entire cast is contractually obligated to return for a second film. The film's director, Stephen Sommers, who was rumored to have been fired during the editing stages of the first installment, is not set to come back at this time.
Though it is being hurried into pre-production, Paramount has not set a start or release date for their proposed follow-up to G.I. Joe: The Rise of Cobra.