Gearbox is currently working on the third Borderlands game. During GDC 2017, Randy Pitchford, CEO and president at Gearbox, showcased a tech demo based on Borderlands 3.
Borderlands 3 will be powered by Unreal Engine 4 and will retain the game’s distinct art design.
As Randy Pitchford claimed, this is just a tech demo. This basically means that things may change, and Borderlands 3 may look better – or worse – than what is being shown here. Still, this will at least give you an idea of what Gearbox aims to create.