According to Deadline, Warner Brothers will be moving ahead with another installment in the I am Legend series that began in 2007. The plan as of now is for Will Smith to return in the role of scientist Robert Neville, who spent the entire last movie battling a group of mutants in New York City after an apocalyptic virus wiped-out most of the humans on Earth.
If this movie turns out to be a sequel and not a prequel, it will leave writer Arash Amel in the sticky situation of bringing Smith's character back from the dead after he was killed at the end of the original. Stranger things have happened before, and the prospect of the added revenue that Will Smith brings to any movie should be enough motivation for Warner Brothers to find a loophole for his return.
Word is that Smith won't fully commit to the film until a script is completed, so there is still a chance that this project won't happen at all.