Brutal Legend 2 could become a reality if Pyschonauts 2 is successful according to an FAQ entry on the Fig campaign page which has raised almost $2 million of it’s $3.3 million target with 35 days left.
The question is highlighted at the base of the campaign page and reads:
Will you ever make Brutal Legend 2?
We’ve always said that we wanted to make sequels to both Psychonauts and Brutal Legend. We can’t make any promises but if Psychonauts is a success for us, then perhaps Brutal Legend 2 will be more possible?
So there you have it, Brutal Legend might see a sequel at some point in the future. Hopefully with all the good stuff from the original like the cameos and music and Jack Black reprising his role, and less of the not so good stuff like the RTS aspects used in boss battles and multiplayer.