With "they" you mean what? Lucas? I rather doubt it. They'd have to...no, they need to have a decent developing studio to go by(just imagine Lucas making an rpg. Not a change there) and one that is capable has yet to show up. Obsidian? I highly doubt that assesment, as they're a relatively new studio and have already two games in the making; where'd you get the people needed to design K3? On that note, I believe Obs doen't want anything to do with Lucas for a while. But hey; let's say that they're going to make the game, first comes NWN 2, that's somewhere near next May, now if they keep a small vacation, the pre-stages of development would start somewhere near August. After that; they'd propably want a solid schedule to work with the game, let's say...two years? And that's with transferring people from PNJ to speed up the process. You could, relatively get the game eralier, but would you like another rushed product. I thought so. So, you might get K3 as early as 2009! OMG!11 How's that for waiting?
Now, next somebody is going to say that the oh-so-grand Bioware can both develop AND publish the game. They have resources and willingness! Sorry, but no. The reasons are, as follows: Jade Empire 2, Mass Effect, Dragon Age and the yet unnannounced scifi-rpg(Star Citadel? It's not K3, as they started planning it before K1 came out). How's that for a schedule? I bet that Bioware, too, doesn't want anything to do with KotOR and Lucas for a while. Sure, they say that "Working with Lucas was great", but going by your logic Craftsman; that's quite a load of bull****. No one likes the suits.
Then there's Floodgate and those dudes who made Demonstone(Stormfront?). Give me a break. Would Lucas give nearly nil-experienced devs their crown jewel? What? You think Obsidian was a beginner too and they got K2. Well, you could say that, but there's a heckload of gifted people, with amazing curriculum vitaes to boot. Black Isle, Origin, Sir-Tech, Looking Glass, etc. Unexperienced? Bah. And yes, I know Floodgate has just as amazing people working there(Paul Neurath to name one). Than again; they're making mobile games now. :D K3 for mobile!
Edit: Oh, damn it. What a ramble! :">