Good news for Pikmin fans: Shigeru Miyamoto has spilled the beans on the third installment which is currently in development. Apparently the game's development progress is moving quite swiftly. During an investor's Q&A session, Miyamoto had this to say:

For the time being, among the present arrangements, completing Pikmin quickly, thus our project is progressing quite favorably.

Along with the update, he also mentioned that he's thinking of creating a new character based game next year:

I think next year I can probably deliver something new.

Nintendo creating a new franchise? How fascinating. Unfortunately we won't find anything out for a while as Miyamoto stressed that he's not permitted to share his hobbies with other people due to heavy speculation of those things becoming a part of his next game. An order from Satoru Iwata himself.

Sources

• Siliconera: Miyamoto Wants To Finish Pikmin Soon, Planning On Creating A New Character