Demon's Souls fans rejoice! If one spiritual sequel isn't enough (Project Dark) for you, then a direct sequel of the first Demon's Souls is something that is certainly being considered at SCEJ.
Source: The Guardian
SCE Japan Studio's Takeshi Kajii said:FINAL QUESTION: Will there be a sequel?!
HM: I will let Mr Kaiji answer that question.
TK: At the moment, my answer is "no sequel!" However, we have been encouraged by all the players, and this title is so well supported, and besides we like this title so much Well, this is my own feeling, but I think one day we could bring you another Demon's Souls...
Source: The Guardian