Ubisoft has registered web domains suggesting the title, with both RaymandLegends.com and Rayman-Legends.com.
The web registrations come on the heels of a marketing survey conducted by Ubisoft that suggested a sequel to last year's Rayman Origins was in development.
The rumoured sequel would use the same colorful art style as the original and a more traditional mythical setting with castles, vampires, ghosts Greek gods and dragons.
It is also said to feature the same four-player 'drop in-drop out' multiplayer gameplay.
Rayman Origins was released for the Xbox 360, PS3 and Wii last November. It placed seventh in Digital Spy's top games of 2011.
It was a launch title for the PlayStation Vita in February, with a PC version released in March alongside the 3DS port.
> Digital Spy reviews Rayman Origins (PS3)
Watch the gameplay trailer for Rayman Origins below: