Paramount has announced for a while now that the third installment of G. I. Joe will be released in 2016. And they have appointed Jonathan Lemkin as the writer.
Lemkin has written for TV series and movies such as The Devil's Advocate, Lethal Weapon 4 and Shooter; but hasn't written anything since (according to IMDb). Hollywood being Hollywood, if Paramount isn't completely satisfied, another writer may step in to polish the script up.
But still no word as who will direct or who the cast will be. I for one thoroughly enjoyed the first movie, but disliked greatly the second one which John M. Chu directed. I thought it was his direction that failed the movie ultimately. So I'm glad he's already dropped off this project (as well as Masters Of The Universe) and gone off to do Jem And The Holograms (which I think fits his wheelhouse).
I selfishly wish for the original cast to be back. I loved those characters while watching the cartoons back in the 80's. But guess who decided to kill them off to make way for Dwayne Johnson? I know, I know, not Chu. But I blame him nonetheless. He made those new characters in G. I. Joe: Retaliation looked really bad.

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