I'm going to spoil Wanted in the next paragraph, so if you haven't seen it, just know the sequel's not happening because Angelina Jolie wanted to pull a Moon.
I clearly remember Angelina Jolie taking a slo-mo slug to the cranium at the conclusion of Timur Bekmambetov's violent, stupid and incredibly boring Wanted. That's why I was surprised to learn today that a Wanted 2 was almost ready to go and that it's been canceled completely because Jolie has dropped out. I guess that in the bullet bending, socipath wet dream world of Wanted, what explodes your brain with high speed metal only makes you stronger.
There are three pieces of good news here. There won't be a Wanted sequel, James McAvoy is free to pursue real acting projects and stay on track to being on the great actors of his generation and Angelina Jolie is going to star in Gravity, a science fiction film from Alfonso "Children of Men still continues to own your soul!" Cuaron.
Gravity, written by Curaon and and his son, Jonas, is about "the sole surviving human member of a space mission, desperately trying to return home to Earth and her daughter." The film is described as "artistically challenging" and will feature Jolie alone on screen for most of the movie.