Last words from Donnie and the production team was that there were doubts of a third film being made due to schedule conflicts as well as mixed feelings of milking the success of Ip Man. For a while, it really looked like there wasn’t going to be another sequel to the already two successful films as nothing have been said or heard of a third film since the release of the second film… Until now.
Turns out the producer of the film, Raymond Wong, wants to make this happen with the original cast & crew members from the previous outings while looking for a suitable candidate to play a 16 year-old Bruce Lee to expand on his relationship with Yip Man. Suggestions on the Lee role range from Danny Chan (the goalkeeper and slimy gang boss in Shaolin Soccer and Kung Fu Hustle respectively) to Aarif Rahman/Lee (played a teen Bruce Lee in Bruce Lee – My Brother) although they prefer a younger actor to fill in the role. But – above all – the film will be shoot the film in 3D. Now it’s just up Donnie whether or not to reprise the role as he hasn’t read a script yet.
http://ent.qq.com/a/20120404/000180.htm (original source)