Depends, honestly. I remember reading somewhere at the time, that Cate took on the role due to the urging of Geoffrey Rush. So the question is, would she do it again? Probably not right now, no. She just won the Oscar for Best Actress, so she's on top of the world right now.
Also in some other interviews that were done around the release of E:TGA, Shekhar mentioned that if he made a third film, the actors would all have to do some aging before it happens. He alluded that he would want to set the third film around her twilight days, when she had to face up to her mortality and impending death.
Thus, if it was to really happen...could be in another 10-20 years down the line before anything really happens.
Other ways it could also happen is the deal that Working Title has. It's been mentioned in the past that WT's contract with Universal allows them to go ahead with films that have a budget of up to 30 or 40 million. If it hits 50 million dollars or above, then WT has to go to Universal and ask nicely for the funding. So if they go low budget for Part III and turn it into a big period piece (ditch CGI and such), it might work.
Case in point, the film "Anonymous". Had a budget of $30 million (not sure what P&A was), but the budget was kept low enough to make it happen. However, the film failed to make a profit, sooooooooo........
Anyway, it may or may not happen, but if it does....it will be quite a long while before it does.
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