In the latest issue of Famitsu, it was announced that SEGA's toasted Toshihiro Nagoshi has been working on Ryu ga Gotoku 3 (Yakuza 3). This isn't to be confused with Edo-era PS3 exclusive Ryu ga Gotoku Kenzan!, which is actually the third Yakuza game in the franchise, but not actually Yakuza 3. Confused? According to the article, Kenzan! was a spin-off, and this newly announced game is actually the third one in the series, m'kay. Work began on the game commenced after development on Kenzan! finished, and the story picks up where Yakuza 2 left off. Well, that makes sense at least.
According to Neogaf post the game have a release date set for spring Spring 2009 and it's exclusive for PS3.