The Last Of Us 3 Not Ruled Out, But Director Hasn't Decided What's Next For Naughty Dog - GameSpot

With the imminent release of The Last of Us Part II, director Neil Druckmann is undecided on another sequel or something new.
The Last of Us Part II is an upcoming third-person action-adventure survival horror video game from Naughty Dog.

Asked about The Last of Us Part 3, Neil Druckmann says we have other projects in the works at Naughty Dog

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Naughty Dog Reportedly Wants More Representation for The Last of Us 3, Won't Repeat Same Mistake from Previous 2 Games - FandomWire