The first Rio made more than $484 million, so you bet the studios are planning a sequel. There's no official announcement yet, but Sergio Mendes, who wrote the song "Real in Rio" for the first movie, said a sequel is quite likely:
"I
think the plan is for the movie to come three or four months before the
World Cup. The 2014 World Cup takes place in Brazil, where the original
Rio was set. 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 is coming to town to tell us the story, and it looks like it’s a
go."
Sergio Mendes
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