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The third game in the Monkey Island series is called The Curse of Monkey Island and was done without creator Ron Gilbert, who parted ways with Lucasarts after Monkey Island 2: LeChuck's Revenge. 

But according to Ron Gilbert's lovely blog (seriously, check it out) Grumpy Gamer, he envisioned the series as a trilogy and would like to return for a third instalment.  This month marks the series' 25th anniversary and Gilbert writes:

"Twenty Five years.  That's a long time.  It amazes me that people still play and love Monkey Island.  I never would have believed it back then.  It's hard for me to understand what Monkey Island means to people." 

To be able to do Monkey Island 3, Gilbert would need to get the rights from Disney, but the company hasn't shown any interest in letting him get it.  Gilbert continues:

"I don't know if I will ever get to make another Monkey Island.  I always envisioned the game as a trilogy and I really hope I do, but I don't know if it will ever happen.  Monkey Island is now owned by Disney and they haven't shown any desire to sell me the IP.  I don't know if I could make Monkey Island 3a without complete control over what I was making and the only way to do that is to own it.  Disney: Call me." 

He hasn't given up hope, but reminds everyone that Kickstarter (something that even managed to save Shenmue) unfortunately isn't an option:

"Maybe someday.  Please don't suggest I do a Kickstarter to get the money, that's not possible without Disney first agreeing to sell it and they haven't done that."