We have heard from the developer that Mass Effect 4 will not be a sequel. However this is exactly what gamers and fans who have followed the series want more than a prequel or a side story. There could be one way though that could allow for a sequel without being for Mass Effect 4 and this is by way of a multiverse option.
Bioware could come up with a multiverse and they could say for instance that in the universe this is what happened. This could be along the same lines in which a comic book operates. This would be a superb idea as it would mean that gamers would get to enjoy the sequel they wanted and at the same time the episode with the Reaper war could be explained. Bioware could use this as the opportunity to write three different games and each of these would deal with how the ending might have changed the universe.
On the downside this isn’t likely to happen as having three different endings or games in the same game would cost three times as much to make and release and this isn’t something that Bioware is likely to do.