Clover Studio’s has been gone for awhile now, but most of their team is at Platinum Games now and continues to develop games like MadWorld and Bayonetta.
Platnium Games’ Hideiki Kamiya directed the Viewtiful Joe series and the original Okami back when he was working at Clover Studios. When asked about returning to older franchises at Capcom he said “I don’t have the rights to any of the IPs that I’ve made. They belong to the companies that publish them, and they’re a business so they have a right to exploit those IPs as they want…. However, to be completely honest, I’d love to do them myself.”
When asked to specify more specific IP’s Kamiya said “Up until very recently I really felt someday I wanted to make a sequel to Okami, and there were others who wanted me to as well. But then the other day I heard the announcement that someone else would be making a sequel and now I’m just not interested in it anymore. Once someone else touches a world that you yourself created it stops being yours. There is no point in making a sequel when the world doesn’t belong to you. Viewtiful Joe is probably all I’ve got left. That story is incomplete so I’d like to finish it someday. But that would probably be the most difficult one to do [laughs].”
(Source: Game Informer)