"Half Life 3" release date was reportedly announced by online retailers at GDC 2015 earlier this month. Some reports say Valve confirmed that "Half Life 3" is in development, Gabe Newell, the chief executive officer of Valve threw cold water on the release date of the reportedly upcoming Half-Life 3.

"The only reason we'd go back and do like a super classic kind of product is if a whole bunch of people just internally at Valve said they wanted to do it and had a reasonable explanation for why," Gabe Newell, the co-founder of Newell in a  Game Slide podcast. "But you know if you want to do another Half-Life game and you want to ignore everything we've learned in shipping Portal 2 and in shipping all the updates on the multiplayer side, that seems like a bad choice,"

Valve officially announced Source 2 on March 3 at GDC 2015. Valve co-founder Gabe Newell said Half Life 3 is not in production. But he didn't deny that there will be a new Half Life 3.

Valve revealed that the engine will be free to developers. Valve also revealed that the Steam OS machine as well as the Vive VR headset. Gamers believe that Valve will start working on the game Half Life 4 to demonstrate how the new Steam OS will work.

Half Life 3 fans believe that Valve might release the game as the Steam OS exclusive game for a few months before releasing it to the other platforms.

Transmissions: Element 120 has been in development by Shokunin for more than two years. Transmissions: Element 120 is an hour-long single-player story set after the events of Half-Life 2: Episode 2.