I do not know if they are going to make one. I didn't like the first one much; it wasn't a bad game, it just wasn't as good as the Ultimate Ninja series. Most of the non-story missions were boring, the fighting system was awkward, and my favorite character (Hinata) was not playable. Actually, most characters were not playable. I think the developers had a decent idea for the game, it just wasn't executed very well. Also, most of the voice actors were not the ones from the show (Japanese or English). If they do make a sequel, however, they will probably fix what went wrong with the first one.
The gameplay in story mode wasn't too bad. What ruined the game for me was the way the game edited in sceens from the anime into the game in a very awkward way. Not to mention the horrendous English voice acting outside of team 7.
They better not make a second one. Sorry to anyone that liked it but I think it just sucked. Amercia should leave Naruto games to the Japanese.
Rise of A Ninja had the potential to be great but failed. If they had made a hybrid Prince of Persia/Splinter cell with a GTA style overworld, it would have been great. But they instead decided to go with the generic anime fighter