I don't think so. It would have to be prequel because everyone from the original is too old now. Which probably means:
NO Daphne Zuniga
NO Mel Brooks
NO Rick Moranis
NO John Candy
NO Bill Pullman
Not really sure how they could do a prequel with Lonestar AND Princess Vespa.
President Screwb and Darth Helmet are shoo-ins. But who could play younger versions of them? I think they would have Lonestar and Barf over Vespa, so who could play their younger selves?
YOUNG PRESIDENT SCROOB = RICK MORANIS
YOUNG DARTH HELMET = ???
YOUNG LONESTAR = OWEN WILSON
YOUNG BARF = JACK BLACK