According to a comment by Ubisoft's Kevin Shortt, development on the third installment of the Far Cry series is underway, and so far things look "pretty exciting".
Shortt made mention of Far Cry 3 during a recent media junket on the Avatar video game. UK magazine OPM asked the writer whether or not he was working of Far Cry 3, to which he replied:
"No I'm not, but I know the team are and what I've seen looks pretty exciting."
And so we get confirmation of a game we were pretty sure was being made in the first place, which is still pretty nice. We don't have any details regarding the setting, plot, game engine, or platforms, but still, good to know.