Clover Studios is no more. Capcom hasn’t announced any solid plans to continue Okami, but a trademark filed in Japan suggest they may be working on another game.
Capcom owns the rights to the word Okamiden which sounds like a play on words similar to how Okami can represent a great god and a wolf. Okamiden might be a mashup of Okami Gaiden or Okami Densetsu.
Last year Capcom and Ready at Dawn released a Wii version of Okami retrofitted with motion control. This version is finally coming out in Japan on October 15. Perhaps, we’ll hear an announcement about a new Okami game afterwards.