Borderlands 3 will not be coming to next-gen consoles anytime soon, according to the president and CEO of Gearbox Studios.

CEO Randy Pitchford flat out denies that his studio is working on the project, even though the last piece of Borderlands 2 DLC was announced recently. Instead, the company is working on a few other projects before beginning work on Borderlands 3, he said. 

"We are not working on Borderlands 3," Pitchford told Polygon. "That is unqualified. We have more to do in the franchise, but no there isn't a Borderlands 3."

Some fans may be distressed about this news, but Pitchford revealed that the scope of Borderlands 3 will be so big that it will take some time for the game to be developed to the high standards that fans would expect.

"When you think of what Borderlands 3 should be, it should be massive," Pitchford said. "It should be bigger and better than Borderlands 2. It should carry forward the story. It's probably crazy multiplatform, depending on timing. It would have to be a next-gen game and a current-gen game, if it was coming at any time in the reasonably near future."

Instead of Borderlands 3, Gearbox will be releasing many different games in the near future. For example, Pitchford mentioned that a new series, Furious 4, is in the works along with two new IPs. In addition to these new projects, Gearbox is making a new Brothers in Arms and Homeworld game. But for those who must have some new Borderlands content, the company is working with Telltale Games to create Tales From the Borderlands, which will combine the franchise with Telltale's award winning storytelling.

It may seem like Gearbox is putting its most popular franchise on the backburner, but Pitchford assures fans that the company will deliver the game when the time is right.

"We love Borderlands, and we know customers do too. So we will be doing more in Borderlands," said Pitchford. "But the thing that, when you think of what Borderlands 3 should be... No. We are not developing that right now. We don't know what that is yet. We can imagine what it must achieve, but we don't know what it is yet."

"I'm not going to f*** around with you like Valve does with Half-Life 3. Look. We know we want it and we know it should exist, but we don't know what it is yet. But we are doing things in Borderlands that we'll announce soon, that are good, and that I think people will be really excited about if you love the franchise."