According to IGN, Mercenaries 2 is being developed, though for some reason there hasn?t been a peep about it out of LucasArts HQ, despite them being listed as the publisher. Check out the official site if you're interested.
Also, Will
Also also: Idle Thumbs have some neat e3 content up, including a Pod Cast where some people called "Marek" and "Spaff" make fun of the LucasArts e3 line-up. "Traxion!?" indeed.
Plus! There is a video from last year's e3, which is worth downloading if only for the awesome Monkey Island 2 spoof at the beginning. Yargh!
Source: Scummbuddy
I wonder why they're not - the way Jim Ward's been talking it sounded like he wanted to expand LucasArts' original IP with more Mercenaries games.
One would also assume the relationship between LucasArts and Pandemic/Bioware is a good one...