According to Deadline, MGM is in early talks with Michael B. Jordan (Chronicle) about taking on the lead role of Apollo Creed's (Carl Weathers) grandson in a project that would reunite him with Fruitvale Station director Ryan Coogler. Creed is said to be a dream project of Coogler's, and his vision suitably impressed Stallone enough for them to take the project to the studio.
The plot for Creed is pretty much what you'd expect (no, he's not out for revenge against Ivan Drago):
"Raised in an upper-crust home thanks to the ring riches earned by his grandfather, the young man doesn’t have to box and his family doesn’t want him to. Yet, he has the natural instinct and gifts and potential that made his grandfather the heavyweight champion until Rocky Balboa took his crown in 1979′s Rocky II. Creed’s grandson needs a mentor and turns to Balboa, who is out of boxing completely and not eager to return."
This sounds like it could have potential. Unless it ends with Rocky and Creed Jr. Jr. having a bare-knuckle punch-up outside of a bar, of course.