The LA Times are claiming that Stallone is currently in the middle of meeting with potential directors with the possibility of someone else taking over that duty for the second installment.
Things may change, but Sly (who is now, unbelievably, in his 64th year!) is probably happy to let someone else take the directorial reins, considering how much of a effort it must be to both act and direct a project of this kind. He’s also tapped the scriptwriting team of David Agosto and Ken Kaufman to write the sequel (he collaborated with David Callaham on the original).
Whatever the outcome, I’m sure the Rocky star will still play a large part in the overall creative aspects of the film.