Baldur's Gate III Questions Answered
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BIS is not working on BG3 nor will they at any forseeable future date.
It was widely believed that the ill-fated project codenamed Jefferson was BG3. Lisencing issues with Atari (the lose of the rights to make BG titles for PC) forced the project to be placed on "indefinate" hold.
Various online retailers have had BG3 listed for pre-order with differing release dates. This is in error, and IPLY has confirmed it as such.
The story was not a continuation of the Bhallspawn saga. It was an original story, belived to be set in the Dalelands of the Forgotten Realms, sharing the Baldurs Gate name in title only, not plot or story elements.
IPLY/BIS still retain the rights to BG titles on console and IWD on PC. At this time, there are no plans for a third IWD game. Nor are there any plans for games set in any of the other DnD Campaign worlds as WotC only officially supports Greyhawk and the Forgotten Realms.