My main issue with a sequel to MK2011 would be the lack of characters, according to the game’s story mode. If the game focuses on Shinnok, then that limits the “new” characters to the MK4-Gold saga with a few exceptions. I really hope they don’t pull a cheap move by having Shinnok resurrect the dead Earthrealm warriors, because then they would essentially be mindless, undead slaves.

This is what’s left of the original playable 26 character-roster (this does NOT include Rain, Kenshi, Skarlet, Kratos or Freddy and for the sake of argument Younger Sub-Zero/Cyber-Sub-Zero will count as one).

HEROES
Raiden
Sonya Blade
Johnny Cage

VILLAINS
Scorpion
Ermac
Reptile
Kano
Mileena
Cyrax
Sektor
Baraka
Sheeva
Quan-Chi

Now, here are the new characters from future games
* Characters affected by the new timeline

MK4 (pretty much all of these characters would be guaranteed except maybe Jarek)

Reiko
Jarek*
Tanya
Kai
Fujin
Shinnok

MKDA (consider Shang Tsung is dead now so many of these characters wouldn’t be involved)

Bo’ Rai Cho (canonically, he has been around forever)
Li Mei*
Kenshi
Mavado*
Nitara*
Drahmin*
Hsu Hao*
Frost

MKD (Many of these characters are a result of the Dragon King’s appearance or characters that are dead now i.e. Kabal)

Havik*
Shujinko (same as Bo’ Rai Cho)
Hotaru*
Ashrah*
Dairou*
Kobra*
Darrius*
Kira*

Based on my opinion, this doesn’t leave us with very many candidates. I think this would be an accurate roster for the new game if they do follow up with a sequel and not a reboot:

Raiden
Sonya Blade
Johnny Cage
Kai
Fujin
Kenshi
Li Mei
Bo Rai’ Cho
Frost
Shinnok
Quan-Chi
Reiko
Jarek
Tanya
Reptile
Scorpion

That’s about 10 characters less than MK9’s starting roster.