Mega Man Legends 3

The game's story would have continued right after the events of Mega Man Legends 2. Two new characters, Aero and Barrett, would join returning ones to help rescue the protagonist, Mega Man Volnutt, from Elysium. Chris Hoffman of Nintendo Power implied the finished game may have focused on a mysterious item known as the Klicke Lafonica and the aftermath of the Elder System reactivating at the end of Legends 2.

In a May 2007 interview with 1UP.com, Keiji Inafune expressed that the original team members who worked on the previous Mega Man Legends games were interested in developing Mega Man Legends 3 and had considered using the MT Framework engine. A few months later, Inafune commented that he was asked by several fans if Mega Man Legends 3 would be made; although he expressed a desire to make such a game, he stated that he could not do it at that time. Detailed information about the game was announced at the New York Comic Con in October 2010. While Capcom was developing the game, several aspects from the game such as the new heroine Aero, a mech and Mega Man's design were chosen by fans as Capcom invited fans to send their designs in their official Mega Man Legends 3 website.

Although Inafune left Capcom in October 2010, the team working for Mega Man Legends 3 stated that the game would continue development. Capcom intended to release Mega Man Legends 3: Prototype Version in 2011 for the 3DS eShop, featuring 10 missions, and Barrett as a playable character. The Prototype Version was going to act as a prologue to the forthcoming main game. According to GamesRadar, Nintendo Power's Chris Hoffman was the only journalist to play the Prototype Version before the game was cancelled. Three years after the game's cancellation, employees from Cup of Tea Productions—the studio responsible for Mega Man Legends 3 voice recording—confirmed that the Prototype Version was very close to completion.