I'd love to see a third one(would it technically be a second one? since Legend of Oasis was a prequel). But I don't think it's in the works. Both armlets were sealed away at the end, It would have to be well past Ali's lifetime and civilization before another era and generation of people want to try and awaken the gods of the armlets. So it's possible but not likely, sadly..
if it is to be, it is up to me. Officially the Nice Guy: turned down by 15 girls, all of whom still complain to me about their boyfriend.