Ubisoft's told VG247 that it will "not comment on rumor or speculation" in relation to Game Informer listing Far Cry 3 as an August 2011 release.
GI listed the game for August in its 2011 preview earlier this month.
Far Cry 3 development began before the global release of Far Cry 2 in October 2008.
Far Cry 2 narrative lead Patrick Redding told VG247 that Ubi Montreal was at the “preliminary stages” with the “next game” in the Far Cry series at Leipzig's Games Convention in 2008, and that the team now has a “commitment to the African setting.”
Far Cry 2 was Ubisoft's first take on the IP - Crytek developed the original Far Cry, which released back in 2004 - and saw the publisher build an extensive African setting for what's widely regarded as a benchmark in open-world FPS.
Further, Ubisoft scriptwriter Kevin Shortt told OPM that what he'd seen of the title so far was "pretty exciting," speaking in November 2009.
Swedish retailer Webhallen and the Swedish branch of GAME both published listings for Far Cry 3 in August 2010, saying, "Rumours suggest this time the game will be played out in Africa but with an even larger world and with a completely updated Dunia engine."
Ubisoft has never confirmed the existence of Far Cry 3 on a PR level.