No Shaun 2

Thank you for not driving a good thing into the ground.

From MovieOnline:

While the outlook of coming back to "Shaun" is not so good, Pegg and Frost are currently working together with their "Shaun" director Wright on an action/comedy called "Hot Fuzz" (with Timothy Dalton, the James Bond of "License to Kill," and Bill Nighy, one of their "Shaun" co-stars), and the three are looking to do another collaborative project again sometime in the future. Though, as far as "Shaun 2" goes, they will most likely let sleeping zombies lie.