Is Dark Cloud 3 In Development?

DaJuan from Corrupted Cartridge writes "Is Level 5 working on a sequel to their first full-scale RPG, Dark Cloud? It seems highly likely that they are. The last Dark Cloud was titled Dark Chronicle everywhere else except in North America, where it was titled Dark Cloud 2. It came out in 2003 on the PS2, and ever since then we have not heard one peep on a sequel."