According to the latest issue of PC Gamer, Far Cry 3 is in full production.
Per the print mag's Spy column, the game is "in full swing now" at Ubisoft Montreal.
This rumor section of the magazine states the game's development is being lead by Josh Mosqueira, who was the lead designer for Company of Heroes at Relic Entertainment.
Nothing more is known at this point, but it has been suggested the game will stay set in Africa.
We'll shoot a mail off to Ubisoft on this.