In an article about Gears of War 2 in the upcoming issue of GamePro Magazine, Mark Rein, chief honcho over at Epic, flatly denied the revealing of the game in a terse comment he made in the Epic forums by stating:
"It is complete nonsense. We have not announced a sequel to Gears of War to Gamepro or anyone else for that matter."
The link to the cover art generated various excited comments from the readers on Epic's forums but the cover story is most likely an attempt to just boost magazine sales.
Although a sequel by Epic to Gears of War is a no-brainer, it appears that Epic looks unfavorably on "exclusives" that have no basis on solid evidence.

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Updated June 4th, 2008
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dont you hat when people start publishing false information? Like, hard, liek on paper, to try to sell more? this isnt the first tim gamepro has had this happen to them before?
That being said, I think it's a safe bet to assume Gears 2 is coming sooner than later. They need it after UT3 flopped at retail.