Nope. Not only is FASA still its own entity,
the original creator, Jordan Weisman, got the rights back in 2007, along with the rights to Shadow Run and Battle Tech, which is why those haven't gotten more games from them either.
Weisman tried to launch his own video game studio... and thats the last we heard of Crimson Skies. I wager there is a rights issue between him, FASA and Microsoft to boot.
I am sure Microsoft would love to make a sequel - Crimson Skies High Road to Revenge was literally the first Xbox game they made backward compatible and they still kept the online servers active. Plus, not like there are a ton of other vehicular combat or arial comvat games anymore, it would be unique at this point.