In a recent interview with GoNintendo Suda51, the creator of No More Heroes, dropped some interesting news. He has no plans for making a No More Heroes 3. However, this might not be the end for Travis Touchdown.
When asked if he had a longer story for Travis planned or if another character might be taking over for a No More Heroes game Suda51 responded, "Unfortunately, the story for Travis alone is completed in No More Heroes 2. I am very curious about his life after this; however, we have no plan for No More Heroes 3."
No plans for 3 then. He could just be throwing people off the scent, but I'd be plenty happy with Travis jumping to another game or series. With my understanding of the two games he really shouldn't come back in a No More Heroes game. It just wouldn't make sense with the overall message, story and ideas behind the games. More Travis, no more No More Heroes.