Not if you go by the books:
book related spoiler
Conan Doyle wanted to give up writing Sherlock Holmes and intended to end things there. However, due to popular demand, he was forced to bring Holmes back to life. In the end, the explanation was that Holmes faked his death in order to escape Moriarty's henchmen who were still after him and escapes to Asia for a couple of years to lie low. Subsequently Holmes returns to Baker Street and continues his wok until he retires to the country becoming a bee-keeper. There's plenty of material in there for several seasons but UK television is so disappointingly short as Qs says.
There may well be a third season but not for a while because the two leads are off working on the Hobbit which is split into two films. But the intent is there from the writers
