The Gary Marshall directed film Valentine's Day, which features an all-star cast doesn't even open till Friday but already has a sequel being planned. According to Deadline Hollywood the film's producers Mike Karz, Wayne Allan Rice and Josie Rosen and studio execs Sam Brown and Michael Disco are planning ahead for the film's possible success by having screenwriter Katherine Fugate write another holiday-themed film as a follow-up called New Years Eve.
The thought is that putting together such an all-star cast at discounted rates makes it more likely for a movie like Valentine's Day to be profitable and that "the holiday sensibilities are endless" in terms of other holidays that could get a similar treatment. The film would presumably take place in the 24 hours between December 31st and January 1st with the producers hoping to persuade director Garry Marshall to return as well as bringing back some of the actors from the first movie to maintain continuity.
Fugate's first draft has already been penned and is waiting to be read by the studio executives so its easy to imagine that if the film does well next weekend the studio will announce plans to fast track the project.