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Half-Life 2: Episode Three is a cancelled game that was intended to wrap up the 
Half-Life 2 Episodic Trilogy. Announced in May 2006 with a release of 2007, it is one of the most anticipated video games of all time. Any chance of the game being released was diminished with the release of 
Half-Life: Alyx in 2020, which resulted in the ending of 
Half-Life 2: Episode Two redundant.
Announcements
It was hinted in a recent CVG interview [1] that EP3 would have taken place in the arctic base. It was also been stated by Valve that this will end the Half-Life 2 story arc, but not the Half-Life series [2].