Before you get your hopes up, know that famed game developer Suda Goichi says that you won't see a No More Heroes 3 soon. He just knows that he wants to make it someday.
"Although it won't happen soon, I'd like to do it at some point," Suda51 said at a Grasshopper Manufacture charity event. Andriasang says that on stage he pointed to character designer Yusuke Kozaki and mecha designer Shigeto Koyama and added, "Let's make it together."
It was at this event that Kozaki said that he made so many characters that went unused in the past games that they could make two more No More Heroes games with them. The designer also said that he wants to direct a game where the game's Shinobu character is the main character. Do it! We'll let you!
Famitsu has pictures from this event, but you won't see any NMH3 here, so don't bother looking for that.