According to CVG, Xbox 360 World magazine claims that Max Payne 3 is currently in development internally within Rockstar at its studio in Toronto, Canada. Responsible for the fan favorite beat-em-up The Warriors, Rockstar Toronto would be taking the reigns from Remedy - who is currently working (we hope) on the Microsoft exclusive Alan Wake.
Details on the rumor are scarce as a release date, let alone an announcement date, has been set. We wouldn't be surprised if this rumor were true considering the credits of the Max Payne 2: The Fall of Max Payne (PC version only) proclaim, "Max Payne's journey through the night will continue." According the Rockstar career page, Rockstar Toronto is seeking experienced Xbox 360 and PS3 programmers, so we know something for this generation is planned. Take Two has yet to respond to Joystiq's request for a comment on the rumor.