Probably the first question is what a future International Space Station is trying to do.
The current ISS exists for many reasons, and the result is at best described as functional with many limitations and complications that those involved would probably rather not deal with in the future. In particular it is in nobody's best interest to invest heavily in the long term future in case other involved parties suddenly pull out.
At the time of creation it was all that could be afforded but along with the politics of superpower co-operation there are also practicalities relating to what the station is to do, with the current ISS not fully meeting anybody's needs.
It would be reasonable to expect the future to include multiple facilities featuring some combination of:
- National projects existing for politics
- Commercial/research projects existing to do things
- Tourism projects existing to visit
- Exploration related projects supporting going places
These all have different preferred inclination, and altitude (lower is cheaper, high needs less long term reboost due to lower drag).
They will also have different risk tolerances, desire to publicize activities onboard and willingness to use commercial sponsorship that do not neatly package into a single 'thing'.
Fundamentally, like ships and aircraft, it makes sense for a space station to have a single controlling authority, with all others involved being explicitly subordinate.
As such it would seem a new truly International facility with shared management and decision making is unlikely in LEO, but might occur as further out where local practicalities and high support costs may mean more than earth politics.