EA confirms Battlefield 3 is being worked on

John Pleasants, EA's chief operating officer said today that he's seen DICE's work on Battlefield 3.
"I've had the luxury of looking at Battlefield 3 over at DICE in Sweden and was highly impressed by the way the team is working on that product," he said. "Of course, that's not [coming out] in the fiscal year, but that is a product that is looking very good."
So anybody who was worried that the recent trend of tacking on the Battlefield name to games such as Bad Company, Battlefield: Heroes and even the console friendly Battlefield 1943, doesn't mean that the grand daddy original series isn't coming. Just think of the other games as stepping stones to the top of the mountain for BF3.

Source