"The second installment will pick-up where the highly anticipated 'Marvel's The Avengers leaves off, as Steve Rogers continues his affiliation with Nick Fury and S.H.I.E.L.D and struggles to embrace his role in the modern world." Is what Disney said in the press release about a sequel to The First Avenger. For the setting they could easily use the modern world, but have flashbacks to World War II. Christopher Markus a writer from The first Avenger said "It's sort of a weirdly huge opportunity for storytelling in that you know modern Cap through 'The Avengers' at that point, and just by the nature of what we were talking about before, there's going to be a lot of his World War II history we haven't shown, we're going to have two entire timelines to play with." I have no clue who the director will be, because Joe Johnson isn't returning, so it will be interesting to find out who the director is, but my best guess is Joss Whedon, director of The Avengers. The release date is scheduled for April 4, 2014, but that isn't confirmed.
Comment with who you think the villain will be.