During the home video release event for the High Speed! -Free! Starting Days-, a very important announcement was made! There will be a “new screen project” for the Free!! franchise!
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Not much has been revealed about this “new screen project” for Free!!, and we still don’t know its format and whether it will be a new anime or even a live-action adaptation. Though it is understandable that many are already saying that this might really be season 3 for the popular TV anime.
— ハイ☆スピード！＆Free!公式 (@iwatobi_sc) August 14, 2016
High Speed! -Free! Starting Days- is directly based on the High-Speed novel which follows Haruka and Makoto as middle school swimmers. It premiered last December and is considered as the prequel to the Free!! TV anime.