I never got around to writing it up, but about two weeks ago this really funny thing happened on Sylvester Stallone's Twitter feed where he joked about having Mel Gibson direct Expendables 5, only to later do this:
So for about five seconds, really gullible people thought maybe Mel Gibson might direct the third part of what will surely be a series that continues forever into the Redbox/VOD market. Future wrestler-turned-action stars born later this evening will eventually get to star in their own Expendables sequel. You'll see.
Maybe Mel Gibson will direct Expendables 5, but he's sure not directing Expendables 3. According to Deadline, that honor will go to Patrick Hughes, a young director whose only other feature film is 2010's Red Hill, which I unfortunately haven't seen.
Obviously, it's still very unclear whether this is good news or bad news. But the article also says production for Expendables 3 begins mid-August. That's probably bad news.