[Initial reporting done by Eli English]
Rockstar Games has confirmed that work is progressing on Max Payne 3. The new title will follow Max through different points in life, beginning in his younger days shortly after Max Payne 2: The Fall of Max Payne, and continuing over a period of eight years to cover events in his life as a private security member in São Paulo, Brazil. In addition to the announcement, Rockstar has released a number of screen-shots showing various versions of young and older Max.
Rockstar in not announcing a release date at this time.