Hellboy writer/director Guillermo del Toro talked to Fangoria and mentioned he might make the sequel after his next project.
"After PAN'S LABYRINTH, I will jump into my next big film, almost back to back. That project will either be HELLBOY 2 or IN THE MOUNTAINS OF MADNESS."
The full interview, with more on his next film, is up at the link above.
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