Neil Druckmann says he is fully focused on Intergalactic: The Heretic Prophet and Season 3 of the HBO series, but he left the door open on returning to The Last of Us.
“I am treating these projects like it’s the last thing I will ever work on. So my assumption is that there will be no more. If the stars align, and everything comes into place, who knows?”
Gamespot does note that Druckmann has said he has a story in mind for Part III, though there is no official development news. However, journalist Daniel Richtman and has reported the game is already in production.
One of Naughty Dog’s two unannounced single-player games has not yet been announced. Whether it is Part III remains unknown.
Part 2 is already 2 stories baked into 1, those two seasons could easily be dedicated to Part 2 alone.
Part 2 spoiler
They will probably want to dedicate a fair amount of screen time to Pedro Pascal, despite Joel being dead, which extends the story even further.