*UPDATE* - Edge is now reporting that, according to the same "trusted US publishing source,"  Gears of War 3 will be released in early April, 2011, one year after the trailer's debut.  In addition, they have stated that GoW 3 will be shown at this year's E3 expo in June.

With over 11 million units sold between the two games, the Gears of War series is undoubtedly going to see a third installment.  That much we all knew.  What we didn't know was that the game may already be in development, and that we may see it as soon as next month, and play it some time next year.

Edge, sourcing “a trusted US publishing source,” is reporting that the first trailer for Gears of War 3 will arrive April 8, and while the game could be ready for release this year, it will likely see a 2011 release.  “Microsoft’s keen to avoid a clash with Halo: Reach and wants Natal to own Christmsas. That’s why we won’t be seeing Gears Of War 3 until next year, but expect a major marketing push ahead of its release,” says their unnamed source.  This seems to line up with vague remarks by Epic’s president Mike Capps about a major announcement at E3.

An anonymous, trusted source within GameStop has told Gamervision this weekend that store managers may have the opportunity to play Gears of War 3 very early, possibly at the GameStop Managers' Conference this summer.  This would indicate that the game is already in development, and that an official announcement is likely coming soon.  Without official confirmation from Epic or Microsoft, we can't yet give 100% verification of this story, but so far, all indications are that Gears 3 is in development.