The second. "It is likely that" is a sort of introductory phrase, and it's normally used in the present simple tense. Try replacing it with "It is possible that", or even "I think that".
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AnonymousIs this sentence grammatically correct?It will be likely that there might be another earthquake soon.Yes, but being grammatically correct is not enough. I don't think a native speaker is likely to say this.
AnonymousIf not, should I rewrite the sentence as below?It is likely that the