Chunsoft is currently developing Torneko no Daibouken 3 (Torneko's Big Adventure 3) for PlayStation 2. Published by Enix, the game, which will be in full 3D, will take place on a southern island six and a half year after the events of the second game. As usual. your party goes on adventures in dungeons invested with monsters. The battle system will pretty much remain untouched, with the only difference being the ability to perform multiple jumps.
Torneko no Daibouken 3 is currently listed for a 2002 release. Obviously there is no word on a possible US version so far. The last Dragon Quest spin-off, Torneko 2: The Last Hope for PlayStation, performed very well in Japan, selling 750,000 copies; the US version didn't fare quite as well, however.