It's most likely not Godzilla for 2 reasons. One: Toho has a lock on the Godzilla movies until 2013. And two: Paramount does not own the rights to make a Godzilla movie. Sony, Tristar, and Toho do.
The movie is rumored not to be a sequel or prequel to any known monster movie we know of, and that the monster will be original, something we never seen before.
The movie's name is still not known. That "Furious" on the poster could just be a tagline. There's another poster out there that looks something like that, but with the word "Monsterous" written on it.
I guessing it a Monster Movie now, ususally something that big would mean Godzilla since that the only creature to be that huge.
There are other monsters just as big as Godzilla, perhaps even bigger.
They did live it wide open in Godzilla with the Egg hatching at the end, so there is a possiblty that is a sequeal to Godzilla
As stated above, this isn't a Godzilla movie. If you are referring to the 1998 Godzilla, they already produced a sequel for that in the form of the animated series.