Hell yes it is!
It's called Artorias of the Abyss and it'll end up setting you back 15 bones (1200 brad bucks on XBLA). It's coming sometime this Winter.
It will be adding more explorable areas, bosses/enemy types, NPC's, armor, and weapons
I promised myself that if it was announced to be coming to consoles I'd make a new character and play through it again this summer. I plan on actually doing that (S-Rank, perhaps?).