BioShock 3 is an upcoming game in the BioShock franchise, scheduled to be released in 2011 along with the BioShock motion picture.
Speaking to investors in a quarterly financial conference call in 2008, Take-Two Interactive chairman Strauss Zelnick confirmed that plans exist for a third BioShock game, which will likely coincide with the release of the Gore Verbinski-produced film version of the game franchise. At the tail end of the call, when asked when Take-Two expects the Verbinski film to hit theatres, Zelnick responded, "Its unlikely the picture would be released coincident with BioShock 2. It's more likely it would be released coincident with BioShock 3.
Holy stuff.