Development of Plants vs. Zombies 3 has been completely cancelled. This was reported on Reddit by a 3D artist who claimed to have worked on the project. As proof, he shared in-game images via his profile on ArtStation.
Electronic Arts itself has not yet made any official statements regarding the current development status of Plants vs. Zombies 3.
The Plants vs. Zombies series, which began with the popular 2009 and 2012 games as well as the successful 2014 spin-off Plants vs. Zombies: Garden Warfare, has lost its momentum in recent years. The second installment of Garden Warfare, released as a live-service game, failed to replicate the original’s success and quickly lost popularity.
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Image source: EA