EA recently confirmed that while Plants vs. Zombies 3 will be a mobile-exclusive, there is also a new PvZ shooter in the works for PC (opens in new tab). Codenamed Picnic, it's currently in alpha, but recent leaks have suggested that rather than being Garden Warfare 3 it'll be called Battle for Neighborville. A recent trademark listing for that name in Europe (opens in new tab) seems to confirm it.
Neighborville is the name of the suburban setting of the Plants vs. Zombies comics, but a leaked description posted to Reddit (opens in new tab) suggests it won't be a story-focused game. According to the leak, this new game will have 20 character classes, a social region and three free-roam regions, and nine PvP modes including a 4v4 battle arena.
Perhaps Garden Warfare is being transitioned into something more likely to last as a long-term live-service game, but we'll have to wait and see.
Thanks, Gematsu (opens in new tab).