No.
Jeffrey Katzenberg confirmed there will be no sequel to Megamind.
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Megamind: Bad, Blue, Brilliant
The movie "MegaMind" is coming soon to theaters November 5, 2010(U.S).
Megamind
The main villain who adopts the 3 children is Gru. There is another villain called Victor, but he changed his name to Vector to sound more evil. He is the one who invented the piranha gun and the squid gun and has a pet shark.
Maybe he shaved? Just kidding. It's because the original megamind character didn't have a beard, and they designed the movie cover early on before the character's appearance was modified. Or maybe he did shave . . . .