You knew it was coming…
According to a short blurb in the most recent issue of Official PlayStation Magazine UK (that's Great Britain, y'all), UK development studio Criterion (a wholly-owned subsidiary of EA Games) is hard at work on the next installment in the Burnout franchise, tentatively called Burnout 4.
The piece reveals no other practical information, except that the game is in an early playable state and should be finished in time to show off at the 2005 Electronic Entertainment Expo. Criterion Games is cited as the source for the piece.
We contacted both Criterion Games and EA Games, and neither company would go on record to confirm or deny this news, although a representative for EA Games did suggest that sales of Burnout 3 are charting "far above expectations" and that "a follow-up isn't out of the question."