There is some speculation on the internet,not even rumor status yet. Nintendo might want PG as a second party dev. After all PG has said they really want to do Star Fox.
"Would Bayonetta 2 not exist without Nintendo? The answer is yes. We are not viewing this as a change of platform. We were looking for a partner to create Bayonetta 2 and Nintendo was a strong, cooperative partner that was willing to create and grow Bayonetta 2 together [with us]. As a result the platform became the Wii U.
We create the basic framework of our games on the PC, so even though the hardware changes it doesn't influence the creation of our games. We've already developed our own engine to work with multiple platforms. Because of the Wii U GamePad, we are putting extra thought into how to use these differentiating features. There's a difference in the game design side, but we are enjoying the challenges of creating games for new hardware.
Toward the end of development of Bayonetta, I was talking with Kamiya-san and Hashimoto-san, and they said 'If Bayonetta 2 ever happens, we want the teaser trailer to be the same as [the first] Bayonetta.' We wanted to make it the same because Bayonetta is a title that has been loved by many people and we wanted fans to say 'Oh! Bayonetta's back again!' All of the new things you see in the trailer, we can't talk about at all at this point. We're leaving it up to your imagination." - Atsushi Inaba, executive director at Platinum Games