There’s a very slim chance that there could be, but the early rumblings are being made from Mark Frost the co-creator that there has been talk about continuing the storyline.
From Cinematical:
“We’ve talked a little about [a new project], and it’s a possibility down the road,” Frost said in an interview with MTV. “I think it would be hard to re-create the world of Twin Peaks at this point, but Kyle is still there and still a terrific actor, and that’s a character we could possibly take other places.”
As they report, after Twin Peaks there was a desire from David Lynch and Frost to continue with the story and see what happened to the characters. Unfortunately Fire Walk with me was destroyed and therefore brought many bad reviews. So what chance is there? Well the creators are talking about it and Kyle MacLachlan still has a high profile in successful shows, so why now?
What’s the desire to see a true Twin Peaks movie? Frankly it’s one of the sequels that does make my wanna list.