Well it certainly looks like it! As spotted by Siliconera, it seems that the Australian Classification Ratings Board have revealed that the series may well be on its way. Specifically, the two titles that were revealed are the two version of Battle Network 3; Battle Network Blue, and White. It wouldn’t make much sense to only release the third instalment of the series, and with Capcom releasing Mega Man 1-6 on the 3DS virtual console soon. All signs are saying that this is pretty likely to happen. Which excites me to no end.
The Mega Man Battle Network series started in 2001, had six instalments on the GBA (not counting the two different versions for each instalment) and even branched into the Nintendo DS early on. It is a SRPG and to me, one of the staples of the GBA’s library.