During PAX South this weekend, Gearbox Software is hosting a panel titled Inside Gearbox Software which will provide "the latest news and updates on Borderlands and upcoming Gearbox titles."
“I’ll tell you what," Pitchford replied per Gematsu. "We don’t know. That’s the honest answer. But if you come back to our main theater panel on Sunday, you might get a little more than that.”
IGN has the clip of Pitchford's statement posted here.
According to the description, the panel provides an "opportunity to get a behind-the-scenes look at Gearbox Software and get the latest news and updates on Borderlands and upcoming Gearbox titles."
Never-before-seen reveals, exclusives and surprises are also expected, per the description.
Rumblings of development on Borderlands 3 first surfaced in October 2012 when Gearbox's lead writer Anthony Burch said the studio was tossing around ideas for the third entry.
A few days later, Picthford took to Twitter to state Borderlands 3 was not in development as the team's focus at the time was on "Borderlands 2 DLC, Aliens, etc.”
The game was reportedly still not in the works as of February 2014. Pitchford said if Borderlands 3 were to become part of the development plan, “it should be massive" compared to Borderlands 2.
“It should be bigger and better than Borderlands 2," he said. "It should carry forward the story. It’s probably crazy multiplatform, depending on timing. It would have to be a next-gen game and a current-gen game, if it was coming at any time in the reasonably near future.
"We know we want it and we know it should exist, but we don’t know what it is yet."
Pitchford reiterated the game would need to be rather large the following July.
The Inside Gearbox Software panel takes place tomorrow, January 25 in the main theater at 10.30am CST/11.30am EST/4.30pm UK. You will be able to watch it via Twitch.