In the latest discussion among the Half Life community, it seems that the fans are getting a feeling where Half Life 3 will be past the Borealis arc. Thinking back at Half Life and Half Life 2, there is a 20 years gap between the stories in both titles.
Almost every Half Life folk agree that this is unlikely to happen. Despite it being a possibility, Half Life 2 ended in a major cliff-hanger that needs to be addressed. If it were to happen as suggested, then Valve should be responsible enough to produce Half Life 2 Episode 3.
On the other hand, this is something that the fans cannot accept. The wait for Half Life 3 has been painful. Adding Half Life 2 Episode 3 to that will be suicidal.