Whether it's needed or not, it looks like there's going to be a follow-up to Meet the Fockers, which as you'll recall was the sequel to Meet the Parents, a movie that was far better than its sequel and likely better that this future one too.
Little Fockers will presumably be about the Fockers' children. Jay Roach, who directed the first two movies, will not direct this one as he's busy with Dinner for Schmucks. John Hamburg, a Ben Stiller collaborator who did drafts on both Meet the Parents and Meet the Fockers, is at work on a draft of Little Fockers. A number of candidates are said to be in the running to direct, including Paul Weitz (In Good Company), David Wain (Wet Hot American Summer), and Peyton Reed (Yes Man).
Owen Wilson, who had a small role in the first two movies, could have a bigger one in this one, which is typically a good thing.