No one seems to really know yet for sure, but it is definitely a possibility. In an interview with Nick Cage he was a quoted as saying
“I would like to do a re-conceive. I would like to go in a whole other direction, and I think that’s what they’re talking about. I would make it much less of a Western and more of an international story.”
They claim the problem as being the script and direction for it’s failure, but I’m not sure I’d call a film with a 110mil$ budget that made 228mil worldwide a failure. Sure it was a little slow at some parts but the effects were pretty fucken top notch. They claim the film was poorly realized, so instead of going into an all out sequel they are what? Upgrading, revamping, reimagining? They are all the same, so what do you all think they could possibly do the 2nd film that could totally 180 it from the first?