For all you diehard Borderlands fans out there, I have some bad news for you, Borderlands 3 is not yet in development, and it's unlikely to be developed for another few years at least. For the rest of us, this means we can get excited for more intellectual property from Gearbox, and some completely new games.
Randy Pitchford at Gearbox Games revealed to Polygon that although there won’t be a Borderlands 3 per se, there will be another Borderlands game in the works, but that it should be thought of as a much bigger project than Borderlands 2.
Pitchford stated, "When you think of what Borderlands 3 should be, it should be massive. It should be bigger and better than Borderlands 2. It should carry forward the story. It's probably crazy multiplatform, depending on timing. It would have to be a next-gen game and a current-gen game, if it was coming at any time in the reasonably near future."
He did continue on to state that there will be a Borderlands title in the future, and he's "not going to (mess) around with [us] like Valve does with Half-Life 3," but that "We know we want it and we know it should exist, but we don't know what it is yet."
So whilst the concept of the next Borderlands game quietly brews in the back of the minds of some Gearbox officials, Gearbox will be working on new titles instead, including two titles for both the PS4 and the Xbox One.