Speaking with Polygon Randy Pitchford laid to rest the rumors and speculation that Gearbox may have been working on Borderlands 3 by saying: "We are not working on Borderlands 3. That is unqualified. We have more to do in the franchise, but no there isn't a Borderlands 3."
Randy Pitchford also gave his views on what Borderlands 3 should entail: "When you think of what Borderlands 3 should be, it should be massive, It should be bigger and better than Borderlands 3. 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."
Pitchford also touched on the fact that they are currently working on two still unannouced new IPs, but didn't go into further details.