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Zelnick mentioned the third game in an investor call related to the newly released Q2 financials (via Kotaku). "It's more likely that it would be released coincident with BioShock 3," he said.
We knew that Take-Two had plans for the series, but talking about athird one already comes as quite a surprise. Especially when news onBioShock 2 is light on the ground at the moment.
Of course, there was a report in March that Take-Two was considering a BioShock MMO, clearly hinting at big plans for the franchise. Big things ahead for fans then...