If latest rumors are to be believed, the Texas-based game developer Gearbox Software is currently working on 'Borderlands 3,' the third installment of the popular action role-playing first-person shooter video game series.

IB Times reports that the rumors started circulating after Randy Pitchford, Gearbox Software CEO, who founded the studio in 1999, recently tweeted that they are recruiting new talents for developing the "next 'Borderlands' game."

In August 2014, Pitchford had teased, "There's a point where it's like, 'What should the next 'Borderlands' be? Should there be another 'Borderlands', and what should it be?" He told Game Informer last August, "We had that discussion and there was this weird mixed bag. On one level its like, 'Woah'. If you're going to do something that's called 'Borderlands 3' and it's going to be done in this next-generation environment, there's a whole bunch of ideas that come around of what has to happen in order for that to live up to what that needs to be."

Gearbox Software released the first 'Borderlands' game in October 2009. In fact, the studio, which developed the first two parts of the sci-fi, space-western "Borderlands" series, only served as a collaborator in 'Tales From the Borderlands' episodic game series, which was released in November 2014. This game was developed by Telltale Games.

According to Gearbox Software CEO Pitchford, the studio had made the "keys to the kingdom" available to the developer.

Gearbox Software launched the original 'Borderlands game' in 2009 for the Xbox 360, PS3 and PC. This game not only became popular among the fans, but also received favorable reviews from websites such as IGN.com, which gave a very high rating to the game - 8.8/10. The second installment of the series was released in 2012 and was also acclaimed highly by critics.