Deadpool is a part of the MCU already. Ryan Reynolds confirmed this last year while doing press rounds for Free Guy. Having said that, most presume that Deadpool 3 will be part of the MCU's Phase Four. However, with a little over half-dozen films lined up ahead of the threequel, fans shouldn't expect the R-rated film to drop anytime soon.
There's no word yet as to when Deadpool 3 will officially start filming, but THR is reporting that Marvel Studios is negotiating with Shawn Levy to spearhead Deadpool 3.
It appears that Levy's string of successful light-hearted comedy movies starring Ryan Reynolds played a huge role in this as Levy and Reynolds worked together on Free Guy, which is getting a sequel, and The Adam project. Before working with Reynolds, Levy is best known for his work on Real Steel, starring Hugh Jackman. With Levy in tow, some fans couldn't help but feel excited at the prospect of Levy bringing Hugh Jackman in to finally do that Wolverine cameo.
Despite being confirmed for years, the MCU's first R-rated movie still doesn't have a release date. In the meantime, Reynolds has done an excellent job teasing Deadpool 3, suggesting that he'll have more news to share soon earlier this year. It certainly doesn't help that Reynolds has a busy slate ahead of him, with back-to-back Red Notice sequels expected to start filming next year.
It will be interesting to see what Levy can bring to the table for Deadpool 3. After Tim Miller and David Leitch, Levy is the third director to try and take a stab at the Merc with a Mouth. Even if he is familiar with Reynolds, Deadpool 3 will serve as his first R-rated movie. Despite having a strong foundation of action and comedy, Levy will have to find a way to stay on-brand with Deadpool without feeling too derivative with previous Deadpool films. Not to mention, Deadpool 3 will be the first Deadpool movie under Disney's banner, so there will be a bit of a learning curve to see what Disney is okay with and not.
The good news here is that Disney is starting to open itself to "off-brand" shows. After reports of Netflix losing its Marvel TV adaptations back in February, Disney confirmed that Daredevil and The Punisher, among others, are headed to Disney+. To make this work, the House of Mouse had to make key changes to how the platform worked. Specifically, Disney added more robust parental controls that made it more convenient for parents to supervise what their children could watch without necessarily gimping the oncoming R-rated Marvel shows and other future R-rated endeavors.
Now that Deadpool 3 has a director and Disney is paving the way for Wade Wilson's arrival, Marvel Studios might start revealing about the upcoming movie soon.