"Paramount Pictures is moving forward with development on a Star Trek sequel, hiring Roberto Orci, Alex Kurtzman and Damon Lindelof to pen the screenplay. Lindelof produced the first film but has been brought on to reteam with Kurtzman and Orci, with whom he is currently co-scripting DreamWorks’ Cowboys and Aliens.  Kurtzman told Variety that they will wait to see what fan reaction is to the first film, which hits theaters on May 8th, before proceeding.

They are hoping to have a completed script by Christmas, which would likely mean a summer 2011 release. No decision has been made yet on whether JJ Abrams will return to direct, but he will at least produce."

According to another source, the writers are about halfway through writing the script.  Supposedly the story line is so big that it may have to be split into two movies.  There are no plans for William Shatner to make an appearance or for Leonard Nimoy to reprise his role either.  Rumor has it-- Khan might make an appearance. 

I guess we will see!