It certainly looks that way. Though original director Bong Joon-Ho is not returning to the director's chair for this one a follow up to hit Korean monster flick The Host was announced back in June and fresh details have just surfaced.
The script is being handled by Korean comic artist Kang Full and is set three years prior to the events of the original film. Details are scarce so far but word is this one revolves around the excavation of the Cheonggye Stream - an ancient waterway running through Seoul that was recently reclaimed and restored after years of being covered by a highway - and will feature multiple monsters. Shooting is slated for later in 2008 with a 2009 release planned.
I can see this working, actually. The storyboards in the gift-set DVD show several scenes which are not in the movie but predate the spotting of Gwoemul under the bridge.
The funniest of these concerned a couple having their marriage pictures taken in high grass, with the bride having trouble climbing into the grooms arms.
Until something the size of a dog brushes her leg, causing her to jump and creating the perfect picture. Both bride and groom can be seen laughing while the unknown thing scampers away into the undergrowth...
Also one of the fishermen catching Gwoemul in larvae-form says, after the little monster escapes: "How many heads did you see on it?". Later on when I finally got to see Gwoemul I only spotted one head so maybe it split itself into several individuals during its life-cycle?
And I hope they'll explain why he has those fish stuck in his back.
Cheonggyecheon is really, really shallow and narrow, but it's right downtown (if Seoul can be said to have 'a' downtown) so it should make for some really cool scenes.