If you liked The Godfather: The Game, if you loved The Godfather 2, then all I can say is...well, there's really nothing I can say.
With sales of only 241,000 units since its April release, the franchise is already on thin monetary ice.
According to GameInformer, Godfather 3 is just not going to happen. In an article posted today, they quote EA Games President Frank Gibeau as bluntly stating, "We're not going to do another one," in reference to EA's three year production schedule.
A spokesperson for Paramount, however, states that, "Plans for the next Godfather game have not been decided."
The water gets murkier yet, but check the external link for the full article from GameInformer.