Recently the Developper of The Godfather II was interviewed about a possible sequel on Wii too. He answered that it wasn't planned at all because he needed next-gen hardware technology to reach their vision of what The Godfather II had to be.

“We felt that in order to truly deliver on the vision of The Godfather II we really had to focus and take advantage of what the next gen hardware has to offer, including online connectivity. The next gen hardware is simply more robust and allows for a higher visual bar and immersive experience.
(...)
A next gen hardware focus enables higher-resolution textures, longer draw distances, and better frame-rates. But we also harnessed the power of the Xbox 360 and Playstation 3 to make gameplay improvements as well. We were able to create an all new Artificial Intelligence system to make our characters act and react more intelligently.”

(Source : TheGameReviews)