Pillars of Eternity developer Obsidian Entertainment has done some pretty good stuff over the years, but its finest work is probably its first: Star Wars: Knights of the Old Republic II: The Sith Lords. And even though it's not likely to happen, the topic of KOTOR 3 still comes at the studio with some regularity, and there are a lot of people there who'd like to take it on.
KOTOR 2 wasn't perfect by any stretch. A lot of planned content was cut, and the ending was particularly problematic because it didn't conclude so much as just stop, very suddenly and without much warning. Designer Chris Avellone acknowledged some of those issues in a 2006 interview with RPG Codex , saying, "I do wish there had been more time and I wished I had had more time to work on the end game, and that was my fault. We did get a lot accomplished in the time we had, and I probably should have cut another planet (the droid planet got the axe). I still think it's a good RPG, we probably should have just made it shorter."
Eight years later, it's a topic that still comes up. "I think there are a lot of the people at the studio that would like to do Knights of the Old Republic 3," Josh Sawyer, the project director on Pillars of Eternity, told IGN . "I think at that time LucasArts was really focused on what they considered to be extreme, extreme blockbusters and even though the Knights of the Old Republic series was pretty successful, it just never seemed like something that was going to happen at that time."
Lead Producer Brandon Adler said it's a topic that comes up every three to six months at the studio. "We just bring it up and talk about it," he added. "Not anything terribly serious, but we just say, 'Wouldn't it be cool if?' and just develop some ideas for what we'd do with that stuff."
I'm not going to hold my breath waiting for it to happen, but yes, it would be very cool indeed.