There IS GOING TO BE AN UNDERWORLD 3. But guess what boys and girls... no Beckinsale for this one. The good folks over at Digital Sply give us this:

The decision has come as a particular surprise since director and writer Len Wiseman is Beckinsale's husband. However, the third part to the trilogy is set to be a prequel and the part of Selena, the leather-clad character played by Beckinsale, will not be needed. The actress clarified the decision by her husband saying, "I think it's a prequel before I'm actually in it, so I think that won't include me if it happens."

Well that makes sense. I'd love to just sit and stare at Kate in that tight black leather again... but to be honest I always thought a distant prequel to the Vampire/Werewolf war would be more interesting. So even though Underworld 2 sucked eggs... and even though there will be no Beckinsale in leather... I'm actually looking forward to Underworld 3.