Is it true that Kevin Costner is going to do a waterworld sequel?

ok Mr costner finds others of his kind a convinces them to breed with humans thereby saving the human race again. meanwhile he goes back to the island in a way cool raft /boat he built out of cr@p but his leading lady from the last movie was murdered by space trucker dennis hooper. he also learns he fathered a child ,a girl. no dna test nec. cause she has gills. well he goes on a rampage to find easyrider but frankie the fly has discovered an old space ship and put a crew together by offering to pay them in cigarettes and space nookie. Kevin build a space ship out of spare parts that he finds on the ocean floor in an airlock-he also finds leading lady number two down there and they make mad pionate love ,opening the way for waterworld three. anyway old one eye blasts off with his crew with Mr. Costner in hot pursuit. pay me.