This from Deadline:
"Warner Bros and Legendary Pictures are moving ahead with a sequel to Clash of the Titans, which the studio would like as early as spring, 2012. But they will make the journey without Louis Leterrier, who will not return for an encore as director. Sam Worthington will return, as well as most every other character that survived. Greg Berlanti will write the story and the studio is already canvassing the agencies for a writer and director who can whip the movie into shape to shoot before Worthington makes Avatar 2."
Word is Leterrior will be involved as Executive Producer but no word on what type of storyline the sequel will follow up with. The first installment released just last month has grossed over $390 million on a $120 million budget. Making Clash one of the years biggest movies. Pretty good return.
People like Greek mythology movies and Hollywood has rediscovered this fact after a pretty long drought. With a new director we will get to see first hand if Louis was the reason why the fans had a bad taste in their mouth after viewing Clash of the Titans.