Unfortunately, it's never going to happen, but Dreamcast and Sega fans alike probably got their hopes up when Yuji Naka, in an interview with CVG, talked about wanting to work on Dreamcast 2. It's strange that the topic is being brought up so many years later. "I'm hoping to work on Dreamcast 2".
"Of course Dreamcast was my baby back at Sega and I want to carry on making good games for the European market and one day I'm hoping it gives me the opportunity to work on Dreamcast 2"
"If I have the opportunity in the future I want to be involved again with hardware making"
"It would be ideal if I could become some sort of advisor working with the platform makers in future. I think if I can work really well with the platform makers then it's good for everyone, because I can then come up with totally new games."
"I do miss those old days when I was heavily involved in hardware making at Sega. I was involved in most of the consoles and controllers that Sega came up with."
After being part of the creation of so many bad Sonic games and mass of crappy Sega hardware, such as the Mega CD, 32x, Game Gear, Nomad, Dreamcast VMU (just to name a few), I'm not sure if anyone is willing to take his advice on board.