French developer Quantic Dream has denied reports suggesting that Omikron II is currently in the design phase of development.
However, a representative did confirm that the title is "under discussion" as a potential project.
The original game, Omikron - The Nomad Soul, appeared on the Dreamcast and PC back in 1999 and sold more than 600,000 copies. It combined RPG, FPS, beat-'em-up and exploration elements with a story about demons nicking peoples' souls, and featured an overly-ambient soundtrack by David Bowie (who also appeared in the game).
The developer says it has not yet approached the Goblin King to see if he'd be interested in a sequel.