Last month, a magazine suggested that the next Call of Duty game in development is "Ghosts 2" and will release in November 2016. New details on the alleged Ghosts 2 have surfaced, of course, none of these details are from an official source, but instead from a rumor.
According to a source close to Fraghero (the recent home of rumors), the next Call of Duty game has been "confirmed" to be Ghosts 2 and it will feature Riley, the dog from the original Ghosts game as a playable character.
Not only will the dog be playable, but Ghosts 2 will pick up where the first game left off and will apparently "undergo a “tremendous” visual overhaul and will look “a lot better” than the previous Ghosts game."
The only thing likely in this entire rumor is the release date of November 2016. Call of Duty games have always released in Fall, however, up until now teases for the upcoming Call of Duty game have featured things like 'reaching new heights,' along with an astronaut.
Unless Riley is OK with being sent to space, it's not likely that the second game will be an outright continuation of the first Ghosts.