No, there is not going to be a direct shadow of the colossus sequel. However, Team Ico is developing a game titled Trico, which is the third installment in the game series including Ico and Shadow of the Colossus.
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Shadow of the Colossus
Shadow of the Colossus is a video game that was created for the PlayStation 2. This game was released in 2005.
I have been wondering if this rumor about alternate endings in shadow of the colossus is true as well. So, I am 101% sure it is not true. There is one ending and one ending only. There IS an alternate ending.. its a COMPLETE waste of time. But anyway.. you beat the wind, climb the spiral stairs and get to the top, then jump off and die.
These two games are some of the best in history- Shadow of the Colossus and Ico- both rated T. Hope it helped.
special distribution coming in probably 1 to 2years