Obsidian Entertainment Interview
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Q: Speaking of sequels... what about Baldur's Gate III?
A: Well, as I said, we've already done that once. :) I actually don't know Atari's specific plans for BG3, but I know that Baldur's Gate is important to them and that it enters into their thoughts about new products all of the time.
If Atari really does possess the rights to have a third Baldur's Gate installment developed, I think there's a pretty good chance we just might see one... someday.