Alan Wake has quite a niche following. It wasn't a knock out blockbuster, but the game certainly has a lot of fans. A possible sequel has been speculated by the audience for a long time, but Remedy Entertainment instead threw their chips in with the upcoming Quantum Break.
However, as reported by DualShockers, creative director Sam Lake was at Cité des Sciences et de l'Industrie where he discussed Alan Wake 2's development. He said:
We tried to create Alan Wake 2 right after Alan Wake, and obviously you need the right partner. You need the right funding. You need the right concept…
We were looking into it. We were doing prototypes. We were doing demos and experimenting on that, and it was really through that discussions, that eventually with Microsoft, that we had partnered with for Alan Wake, led into the idea of Quantum Break, but it felt like Alan Wake at that time wouldn't work, in the way we wanted it, at that time, to work.
I think that it as been, in a way, fortunate, because, you know, we have been iterating the idea of what an Alan Wake sequel could be, and along the way there has been much better ideas that what the concept coming out of Alan Wake was for the sequel
This seems like a totally possible next project for the developer, but they haven't yet committed. Remedy are a really neat studio though, so I'm pretty much interested in seeing whatever they do next…
…although I totally expect it to be Alan Wake 2.