Level 5 is busy working on Inazuma Eleven 3: Challenge of the World, which is slated for release this summer in Japan. Like the two other Inazuma Eleven games, this game is being made for the Nintendo DS.
Yes, another Inazuma Eleven game for the Nintendo DS, but you may want to hold on to Inazuma Eleven 2 anyway. Inazuma Eleven 3 connects to Inazuma Eleven 2 Fire/Blizzard via a super link feature that transfers characters earned from the previous title.
While this is the third Inazuma Eleven game for Japan, Level 5 plans on localizing the first one for Europe and it’s slated for release this year.