Last time we heard anything about a potential third game in the Ori series it seemed unlikely. Developer Moon Studios and Xbox were reportedly at odds with one another. Moon had ideas for a third game but we're focused on their current project No Rest For The Wicked. Turns out there may be hope for an Ori 3 after all.
Seen on a Reddit page, Moon Studios CEO Thomas Mahler mentioned that they had spoken to Xbox a couple days ago and discussed the potential for Ori 3. The game would be quite far out if it ever came to fruition however. Mahler said the teams focus for the foreseeable future is on perfecting No Rest For The Wicked.

This also comes after Mahler spoke on X about why they didn't go with Microsoft for No Rest For The Wicked saying "we couldn't have shipped it for PlayStation and Switch and since we knew how important multiplayer and cross play would be, we decided to partner with Take2 instead."
Of course with Xbox's new multiplatform approach, which Mahler has applauded this might be the perfect time for their partnership to be re-explored. The first 2 Ori games were among the best Xbox has ever published and fans would be itching for a third, myself included.
Whether Ori 3 ever happens only time will tell, but with the slew of games Xbox is putting out lately we can certainly hope that a third Ori game will be in the cards.