Well that spider might be out of the bag. Senior Editor, Imran Khan, of Game Imformer, has stated that a sequel announcement could happen very soon. He stated “Spider-Man 2 is probably not coming at [the PS5] launch, but it’s a 2021 title”. He continued supporting this idea by stating on how we’ve already seen demo’s for the PS5’s abilities using the current PS4 Spider-Man title.
An actual release date may be unknown but it does seem plausible that Sony would want to capitalize on the success of this franchise considering the PS4 title has sold 13 million copies and thus helping secure Insomniac Games to continue developing the series. That success also was followed by Sony Interactive Entertainment’s buying of Insomniac Games.