During Yu Suzuki's GDC panel he dropped this bomb about Shenmue 3: "I think Sega will let me make it."
Don't get too excited, as this probably means mothing. According to Joystiq, Suzuki put the smack down on that dream by saying it's contingent on budget issues. I take this as an old game maker running his mouth, and not a sign that a game is actually being worked on. He joked that only the 200 people in the panel room would buy Shenmue 3 anyway.
Oh, and speaking of budget, Suzuki said at this same panel that Shenmue cost a mere $47 million to make, and not previously stated $70 million that Sega quoted.