As recently as 2021, despite "The Last of Us Part II" facing significant criticism from many players, Naughty Dog co-president Neil Druckmann still had plans for a new installment in the series. He even revealed in a podcast that year that he and co-writer Halley Gross had completed the story outline for "The Last of Us Part III."

However, in a recent interview, Druckmann revealed a significant shift regarding "The Last of Us Part III," even advising players "not to hold out too much hope for a third installment." He told Variety, "I think the only thing I'll say about that is, don't count on more 'The Last of Us.' It might be done."
This marks a clear departure from his previous stance. Indeed, beyond his 2021 comments about the story outline for "Part III" being complete, he also stated in an early 2023 interview with The Hollywood Reporter, "I think there's more story to tell."

As recently as February of this year, he even revealed in the "The Last of Us Part II" development documentary, "Grounded II," that he had been contemplating the possibility of a third game for years, and only recently had he finally conceived a concept that excited him.
"I don't have a story, but I have that concept, that to me is as exciting as Part I, as exciting as Part II, is its own thing, but also has this throughline for all three," he stated at the time. "So I do feel like there is probably one more chapter to this story." Now, however, his comments represent a complete 180-degree turn, leaving fans and players questioning the future of "The Last of Us Part III."
via: Variety