Well, the rights for an I Am Legend sequel have been locked up by Warner Bros. Richard Matheson, the author of the novel from which the movie is based, has given the rights for an I Am Legend 2.
This poses an important question. Will Smith dies at the end of I Am Legend. How can there be another? They could possibly do a prequel to the original movie, but most of the events have already been explained.
There will either need to be a very creative idea for another I Am Legend or this will fail miserably if it is created.
Let it be known that IMDB has created an I Am Legend 2 page, but it is only available to IMDBPro members. They state the year for this movie as 2010. We’ll have to wait and see.