Ubisoft sales executive, Tony Key has said if Rayman: Origins sells well then it increases the certainty of BG&E2. This is what he said:
"Ultimately, Rayman is [Ancel 's] original creation, and if all the people that love Beyond Good & Evil understand he is more than a one trick pony… and that if Rayman Origins does well, it gives him more leeway for other opportunities because he has to build up his studio."
If it is still this uncertain. It still maybe released this generation or not at all! Let's hope it's the former.