Ever since Freddy Vs. Jason opened to huge box office, and long before Alien Vs. Predator ever appeared, New Line have been furiously exploring sequel ideas looking for easy rip-off money-makers, in particular reteaming the Freddy and Jason against a new foe - Evil Dead's anti-hero Ash (aka Bruce Campbell).
Hollywood Reporter state that New Line is indeed in talks with Evil Dead helmer and Ash creator Sam Raimi to bring the character up against their two franchise serial killers.
It is unlikely that Raimi will direct since he's working on Spider Man 3, but would probably get a producer credit. However, don't expect anything to happen too soon, as Campbell recently stated in an interview that "If you believe [any of these rumours], I've got some real estate in Ohio you might be interested in..."
If the deal cannot be reached, New Line will go ahead with a sequel to Freddy Vs. Jason anyway, mainly because that film made more money than by any stretch of the imagination it had any right to.