Orinn -
The original announcement was made over a year ago in PC Gamer, and there has been no official talk of the game since. See
this thread for more info. I am inclined to think that BG3 is not currently under production anywhere, and may not ever be produced. There is, however, substantial interest in the game, and it would be sad not to see it be created.
This thread, for example, has been dedicated to a discussion of the possible story and settings that might be seen in a BG3. There has been some good suggestions (and some not-so-applicable ones), and I would hope that Atari or any other game developer has been reading this and the other threads in the forum.