"It's all possible. In terms of the story, however, many years that are between the two films will be the amount of years that are between the two story lines," he explained. "It's not a reboot or a remake, it's a straight sequel with Michael Keaton returning as Beetlejuice."
Grahame-Smith went on to say that he's the reason the film has yet to move forward. "I've met with Michael Keaton about it, I've met with Tim [Burton] about it. Warner Brothers is obviously eager," he said. "But right now the ball is in my court to crack the story that will make it worth doing this again. I don't want to have to look fans in the face and apologize for making a bad 'Beetlejuice' movie. And I don't want to make anything just because I can."
Source: http://bloody-disgusting.com/news/31408 ... returning/