Cloverfield Sequel in the Works?

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As Cloverfield shatters January box office records, the question of a sequel to this monster movie is already being asked?

What does Director Matt Reeves have to say about a Cloverfield 2? The following:

"Only time will tell. While we were on set making the film we talked about the possibilities and directions of how a sequel can go. The fun of this movie was that it might not have been the only movie being made that night, there might be another movie!

More from Cloverfield

In today's day and age of people filming their lives on their iphones and handy cams, uploading it to youtube...That was kind of exciting thinking about that."

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Cloverfield Quotes

I saw it! It's alive! It's huge!

Party guest

Party guest: How are you going to survive without Rob? He's like your main dude.
Hud: I don't know.
[sees Rob passing by]
Hud: Hey Rob, how am I gonna survive without you?
Rob: I don't know. I'm like your main dude.