According to a rumor found in Xbox World Magazine--and its "spies"--Just Cause 3 was said to release in 2012.
Developer Avalanche Studios has since squashed the rumor, and stated the team isn't "releasing any game in 2012." However, they are currently working on two "huge" titles set to release in 2013.
Mind you, this didn't exactly terminate the possibility of a third Just Cause, there's just no game coming out next year. So, take that for what it's worth.
