Before touching on this, it's worth noting that a sequel to Marvel's Spider-Man PS4 hasn't received an official announcement yet. However, Insomniac has stated that it does have plans for more of Peter Parker's Spider-Man in the future, so its basically just a waiting game at this point.
With that said, the upcoming Marvel's Spider-Man sequel apparently won't just feature Spider-Man, but another prominent member of the Avengers' team. According to a new report from WGTC, The Sorcerer Supreme, Doctor Strange, will be making an appearance in Spider-Man 2 on PS5.
The outlet caught wind of the information from the same source that revealed the upcoming She-Hulk show coming to Disney Plus before it got announced. How Doctor Strange will fit into the game remains a mystery, however, as the source only said that the game would feature him. It didn't detail what kind of role he would play overall.
Keeping that fact in mind, it's likely that Doctor Strange will only have a guest star appearance. It's not much, but it's at least better than being a simply easter egg, like Ant-Man and most of the other Avengers. Strange's induction into the series would signify that Peter's world has gotten a whole lot bigger, as he would inevitably start meeting other Avengers before becoming one himself.
The world would also get a whole lot bigger for Miles too. The story of the upcoming Spider-Man: Miles Morales will officially serve to establish Miles as his own superhero. So whenever Spider-Man 2 releases, he'll be web-swinging around New York right alongside Peter — at least he should be.
Of course, Doctor Strange could be more involved in the unannounced Marvel's Spider-Man sequel. But it's doubtful he would play a major role, not unless the game's story revolves explicitly around the idea of introducing Peter to the rest of the Avengers, which could actually be a possibility. While Insomniac said it has plans for more Peter, it didn't exactly specify what they were.
We know fairly little about what Spider-Man: Miles Morales has planned, so maybe that game will set up the idea of the Avengers debuting in the Marvel's Spider-Man universe, and then Spider-Man on PS5 will center on Peter and Miles meeting these many other heroes. Luckily, players only have a few months left until Miles Morales releases to find out.
Marvel's Spider-Man 2 isn't officially in development.
Source: WGTC