According to Deadline, Cavill's negotiations do not involve a sequel to Man of Steel. Warner Bros. reportedly plans to involve Cavill's Superman in another one of its upcoming projects. At the time of writing, it is unclear which film could feature his return. Warner Bros. declined to comment.
It is nice to have confirmation that Cavill isn't done as Superman even if at the moment he isn't getting a Man of Steel 2 movie. I thought Cavill was great as Superman and I still rank Man of Steel as one of my all time favorite superhero movies so I definitely want to see him continue in the role. I hope this does lead to a sequel because Cavill deserves to have at least one more stand-alone Superman film.