Maybe yes! In addition to the Xbox Live Arcade / PlayStation Network versions of Space Invaders Extreme Taito might be working on a full sequel. Wario4ever tipped us off to (thanks!!) a Play-Asia listing for Space Invaders Extreme 2. While we haven’t heard anything official from Taito about said game Play-Asia leaked quite a few games recently such as Strikers 1945 Plus and Crimsongem Saga. Fingers crossed this listing is correct.
Images courtesy of Taito.