On the upcoming 2nd/3rd issue of Weekly Shonen Jump, announces that the second season of the anime, Bakuman is on the works! To those who don't know, Bakuman is about two boys wanting to become a manga artist.
This new season will premiere on Fall 2011. Currently, the first season has just finished airing its 11th episode and it is planned that the first season will run for 25 episodes.
Source: MyAnimeList, 2channel via ANN
Considering that the source material is about 100+ chapters and as of now, they only covered 15+ chapters (which I will talk about in my review of ep 11), having a second season is likely to happen.