Is there going to be a Megaman Legends 3

That's a very good question. Lots and Lots of people are wondering that. I tried to think of what I could possibly tell you. The thing is, we just don't know. Some people say that the series is over because of the THE END at the end of the second game and because of how the mystery of megaman and the ruins has been solved. Others think that legends ended too abruptly. There are lots of references scattered around the net. Look at the megaman 20th birthday photo, I can see a birdbot, a kobun, both rolls, data, you get the picture. I wouldn't hold your breath if I were you, but still, don't think it's all over. I think capcom is waiting for people to think it's long dead but then bring it back. Who knows?