Only a very small rumour at the moment, but from Kotaku.com.au:
Speaking at a talk during the Game Developer Conference today, designer
Yu Suzuki said that he thinks Sega is going to let him make Shenmue III. The audience broke into shouts and applause, and then Suzuki abruptly changed topics.
WANT! WANT WANT WANT WANT WANT! Do it Sega! Do something right for a change!!
EDIT: Joystiq.com provide us with a little more substance than Kotaku's version.
During his GDC 2011 panel, Shenmue creator Yu Suzuki said "I think Sega will let me make it," referring to the long-awaited Shenmue 3.
However, it's not a guarantee. He couched the discussion by saying it's
contingent on budget issues -- by the way, Suzuki said that Shenmue
cost $47 million to make, not the patently ridiculous $70 million Sega
quoted -- and that he basically could only be sure that 200 people (the
people in the room) would buy it.So it probably won't amount to anything. But Yu Suzuki just sustained our hopes of continued Shenmue regardless.
DOUBLE EDIT: And a little bit more from Gamespot.com
Cerny asked about the genesis of the Shenmue series, with Suzuki
explaining that Sega needed a killer title to sell the Dreamcast.
Originally, Suzuki said the game had been in development as Virtua
Fighter RPG with Akira as the main character, though that was changed.
On top of that, the game's purported $70 million budget was a lie,
Suzuki said, explaining it was "only" $47 million. Cerny asked why it
cost so much, and Suzuki explained that it went into commercialization
and marketing. The team had so many people that it was no longer
controllable, Suzuki said.Cerny then got to the inevitable question about Shenmue 3.
Suzuki said "Of course I want to make it," but that doesn't mean he is
able to make it. He joked that only 200 people might buy the game, and
a large sponsor would be nice."Sega I think is going to let me make it," Suzuki said, adding, "I think it is just up to the budget."
When asked about Shenmue Online, Suzuki said he'd still like to
do it some day, even though the first attempt at it was canceled.
So Suzuki lied?... as I'm pretty sure Shenmue started out as a Sega Saturn game 😯
o.O ::Looks at Shenmue DC game::
::Looks at Saturn Collection::
Uhhh no Shenmue for Saturn Hiro
Shenmue did actually start out as a Virtua Figher RPG for the Saturn with Akira as the main character. I'm not sure of the reason why it was never finished and released for the Saturn, whether it was taking too long, or internal work on the Dreamcast began, but it was eventually moved to the Dreamcast and changed from a Viruta Fighter RPG into the Shenmue we know and love today. If you compare various characters in Shenmue, you'll find a Virtua Fighter counterpart, whether in design (Example: Ryo = Akira) or fighting style (Example: Chunyan = Sarah).
I think what Hiro is saying SEGA began making Shenmue when the SS was released. I'm guessing they realized the SS 1. Didn't have the processing power to actually run a game like Shenmue 2. Was going to fail 3. Was a mistake
JOKE! Well the 1st point i'd say is true. But i'm pretty sure I do remember hearing something about Shenmue having it's beginnings on the Saturn. Also...why did I not know GDC was going on til like 2pm this afternoon? o.o
Edit: Also what Gyser said. xP
😯
Search your feelings, you know it to be true.
Bahaha! Silly Psx. May the 4th[Force] Be With you isn't until Friday.
Search your feelings, you know it to be true.
If the budget is an issue, I'm sure working on a much more affordable, more streamlined equipment wouldn't make this a problem, right? 
Who am I kidding? It ain't gonna happen.
