As of October 2023, "Sherlock Holmes 3" is still in development, but it has faced numerous delays since it was first announced. While Robert Downey Jr. and Jude Law are expected to reprise their roles as Sherlock Holmes and Dr. John Watson, respectively, there has been no confirmed release date. The project has gone through various changes in directors and scripts, making its future uncertain. Fans are hopeful for its eventual production, but official updates are limited.

"Sherlock Holmes," released in 2009 and directed by Guy Ritchie, was a commercial success. The film grossed over $524 million worldwide against a budget of around $90 million, making it a hit at the box office. It received positive reviews for its action, performances (especially Robert Downey Jr. as Sherlock Holmes), and visual style. The film's success led to a sequel, "Sherlock Holmes: A Game of Shadows," released in 2011. Overall, it is considered a successful adaptation of Arthur Conan Doyle's iconic character.

Robert Downey Jr. starred in two "Sherlock Holmes" movies directed by Guy Ritchie. The first, "Sherlock Holmes," was released in 2009, followed by a sequel, "Sherlock Holmes: A Game of Shadows," in 2011. Both films feature Downey Jr. as the iconic detective Sherlock Holmes, with Jude Law co-starring as Dr. John Watson. While there have been discussions about a potential third installment, as of October 2023, only these two films have been released.

Rachel McAdams, who played Irene Adler in the 2009 film "Sherlock Holmes," did not return for the sequel, "Sherlock Holmes: A Game of Shadows." While specific reasons were not officially stated, it is believed that the decision was influenced by the story's direction, which focused more on the dynamic between Sherlock Holmes (Robert Downey Jr.) and Dr. Watson (Jude Law). Additionally, McAdams' character was less central to the sequel's plot, leading to her absence in the follow-up film.