Hideaki Itsuno has mentioned in previous interviews, that he actually liked the reboot and wanted to make a sequel. Why was the idea scraped later on and has the mood changed after DMC5? Do you still think that DmC should get a sequel and if so, should it be another collaboration, or do you think it should be in the hands of a single studio?
As you mentioned, on the dev side we certainly wanted to and thought we would work with Ninja Theory again to create a sequel to DmC, but that unfortunately didn't get off the ground. We'd still love to see a sequel, but we think it absolutely has to be made by Ninja Theory – so much of the amazing style and substance in that game was only possible because they have such a knack for what's cool. It wouldn't be DmC without Ninja Theory.
There's a lot more DMC 5 talk in this interview with Matt Walker, but I found this quote the most interesting to make a thread over. I never even knew a potential sequel had gotten so far as to fall-through. However, as the quote states Ninja Theory seems to be a big part of DmC and with MS now owning them. Looks like a lot would have to align to get that sequel made.
Source: http://feed4gamers.com/game-news/18...-development-and-possible-future-projects.htm