There's more Prince of Persia to come, although it may not be in the manner you've been expecting. According to the French site Le Portail du Jeu Video, there's a new 2D Prince of Persia in development using the Rayman Legends engine, and it sounds pretty wacky.
The upcoming game will reportedly adopt the same kind of animation techniques as utilized in the previous Rayman game, animating each limb independently of the other. This doesn't exactly mean the Prince's limbs are going to float around all willy-nilly, but simply that each part of the model will be animated separately. It's a little hard to see why Ubisoft would choose to create a new Prince of Persia with that type of animation or why to go in a completely different direction now, but it could work out quite well, and I'm down for whatever.
Ubisoft has yet to confirm to VideoGamer whether it's true or not, but just imagine a Ray-Prince and all that could entail. He'll still have his limbs, but the fluidity of the animation would look pretty nice, wouldn't you say? Of course, this is all conjecture currently, so we're forced to make educated guesses. One thing is hopefully for sure: there's no Elika to contend with, and hopefully no more horrible films to be made. Hopefully.
[Updated for clarity.]