Hugo Weaving recently spoke to Collider.com implying that he would not return in any Captain America sequels. Despite signing a multiple movie deal, Weaving believes that his character, the Red Skull is finished.
Weaving went on to say that he doubts the character would be brought back, as super villains rarely return in film sequels. Even if Marvel had desires to bring back the Red Skull Weaving said that he would not want to appear, and would only return if he was forced to due to contractual obligations.
Weaving doubts the studio would force him into appearing in more films while he is unwilling, so this is in all likelihood the last we will see of the character. So far two characters have been recast in the Marvel cinematic universe; Mark Ruffalo as the Hulk in The Avengers and Don Cheadle as War Machine in Iron Man 2, but the same is not likely to happen to the Red Skull. Red Skull seemingly died at the end of Captain America, and there are plenty more villains, while Iron Man only has one sidekick.
Those wanting to see more Weaving have a few films to look forward to however. Cloud Atlas will open later this month, and he will return to one of his most iconic roles, Lord Elrond, in The Hobbit trilogy; the first installment, An Unexpected Journey will be released this December.