'Sherlock Holmes' 3 updates: Franchise still mum over release date

After Robert Downey Jr.'s little teaser in his Twitter account early last year, very few updates have been released to quench the fans' thirst for news on the third offering of "Sherlock Holmes."
The image, which was retweeted many times, shows the actor sporting a wig and cane standing outside a building, with a caption stating "Master of disguise." One fan in particular reposted the photo, stating that it was a promo photo for the newest movie that Downey Jr. is doing for the "Sherlock" franchise. Downey Jr. himself announced back in 2014 that they were already preparing for the third movie, but they wanted to take their time to make sure it was better than the previous films.
The actor made his first appearance in the first "Sherlock Holmes" released in 2009. With Guy Ritchie at the helm, it became a box office success, with a total gross of $524 million, considering its production budget was only $90 million. "'Sherlock Holmes: A Game of Shadows," meanwhile, hit the cinemas in 2011. The movie earned $545.4 million against a $125 million budget.
"Yes, we have a 'Sherlock 3' in development. We want it to be the best of the series, so that's a pretty tall order. Also, Perry Mason is a property I'm looking forward to developing further, going back to the 1931 book series ... similarly to what we did with the first 2 'Sherlocks,' mining the original material for things that are 'new,'" Downey Jr. told E! Online.
Producer Lionel Wigram already confirmed that both Downey Jr. and Jude Law, who plays the timid Dr. Watson, would be reprising their roles for "Sherlock Holmes 3." The franchise has yet to announce a specific release date and for hardcore fans, it cannot come soon enough.