Yes, an honest-to-goodness Borderlands sequel (not a pre-sequel) appears to be on the horizon. Gearbox has posted a teaser for what's likely to be the Borderlands 3 reveal at PAX East on March 28th. It doesn't say much about the game, but there's not much mystery here -- not when it features Borderlands' signature cell-shaded art and a "3" at the top.
Gearbox teases 'Borderlands 3' reveal on March 28th
It's only been five years since the last game.
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There have been hints as to what the title will involve. Company chief Randy Pitchford demonstrated early Unreal Engine 4 technology for "the next Borderlands game" at GDC in 2017, and it was evident the visuals wouldn't be a huge departure from the post-apocalyptic look of earlier releases, even if they'd be much prettier. The question is whether or not the gameplay will receive a similar tune-up. Borderlands broke ground with its approach to a shooter-RPG hybrid (such as its method of generating unique equipment), but there's no guarantee the game mechanics will evolve to match.
— Gearbox Official (@GearboxOfficial) March 12, 2019