Ummmm... F*CK YES!
Someone over at NeoGAF posted an image of a banner at a GameStop convention touting a new Earth Defense Force game coming out in 2011. Strangely there was nothing else except the banner at the conference and no consoles were listed on it, so we're still running this one under the rumor header.
However, there is still more proof out there that this is real. Not only do we have a fancy place holder site for the game at edfia.com, which gives the sequel the name Earth Defense Force: Insect Armageddon (greatest name ever), but there's also this story over at Cheap Ass Gamer showing a tweet about the game being listed for release by a distributor. We've gotten in touch with D3 to see if we can get confirmation.
Seriously, if this is true it means that both Duke Nukem Forever and a new Earth Defense Force game have been revealed within two days of each other. How is the earth still in one piece?