Rockstar has most likely already started working on Red Dead Redemption 3 - former studio animator
Former Rockstar Games animator Mike York recently spoke with Esports Bets and shared his vision of what is currently happening at the studio.
Rockstar is currently developing Grand Theft Auto VI, but Mike noted that "large game companies always have two games \"in development\" at the same time."
According to York, Rockstar may have already started working on a potential GTA VII or Red Dead Redemption 3
In the gaming industry, companies usually don't work on just one project at a time - they start developing the next game as soon as the current one is nearing completion. Most likely, this is exactly what is happening at Rockstar right now: GTA VI is already close to the end of production, and I would be very surprised if they haven't already started working on RDR 3.
The ex-animator of Rockstar believes that there will be no Red Dead Redemption 3 in the coming years - he expects the release no earlier than 2032:
Games of this level usually take five to seven years to create, given the amount of work they require - just look at the size of the games themselves when downloading.