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I've been looking forward to another PGR for years now, but, I doubt it'll happen. Bizarre Creations, the guys that brought us the original Metropolis Street Racer thru PGR 4, closed earlier this year.
Their last game, Blur, which they sank a few years into developing, barely made a mark on the sales charts and Activision closed them down.
Microsoft owns the IP for PGR and if they ever decide to use it, it will be a completely new development team working on the game, bringing a different vision and their own ideas to the PGR formula. It would't be the same game... at all.
Too bad about Blur, still not sure why it didn't sell better, it was a fun racing game.