We enjoyed Just Cause 2 and are happy to report a rumour from Xbox World's sometimes not entirely trustworthy rumour column that Avalanche Studios are working on Just Cause 3. According to the same source the game is planned for release in 2012, so let's hope it's true.
What we do know about Avalanche Studios is that they are working on some kind of movie license (there was a rumour that it might be Mad Max), but naturally they could also be working on Just Cause 3 in parallel. Oh well, time will tell if this rumour is accurate or not.