Sega's apparently said in the latest issue of Famitsu 360 that it would develop Shenmue III as a platform exclusive - provided the relative hardware manufacturer paid for it.
Specifically, according to Eurogamer.pt: "None of the previous games sold really well for the investment made, and SEGA is in doubt as to if it will resurrect the series. However, SEGA assured the fans that if there is some opportunity to revisit the series, they would love to do it.
"SEGA also mentioned the chance of one of the three hardware makers financing the game's (Shenmue III) production in exchange for an exclusivity deal."
Shenmue, despite being very dead for a very long time, will never die. A second game in Yu Suzuki's ridiculous adventure-life-sim did make it to market for Dreamcast and Xbox; in 2001, 2002 and 2003.
The original released in 1999. At the time it was the most expensive game ever made, with an estimated budget of $70 million. It follows Ryo as he seeks to avenge his father's death by waiting for buses and driving forklift trucks.
An online title in the series, the provocatively-named Shenmue Online, was announced as in development in 2004. Since its reveal, the game's never been officially confirmed to be cancelled.