Ubisoft's Far Cry 2 isn't even out yet but Voodoo Extreme reports Far Cry 3 is already in the works. The game is in preliminary stages of development and there's a chance it might have an Antarctic setting:
“For us Africa still has a huge amount of promise,” Redding told VG247 at the German event when asked specifically if further Far Cry products will be set in Africa.
“There are still things we want to do with the African setting, and I think it’s safe to say we’ll continue to explore it.
“That said, we might find something new and compelling about the Antarctic setting that wants us to make the next game there, but honestly, we’re still at the preliminary stages.”