JoBlo got word on what the plan of action is on SAW III.  The film is once again slated for an October release just like I and II.  Here is the report from JoBlo:

Shooting on SAW III will begin on May 1st in Toronto for a release this October. As such, casting is currently underway for the film, which will return Tobin Bell and Shawnee Smith to the roles of Jigsaw and Amanda respectively. Two of our new victims are Lynn and Jeff one of whom runs quickly afoul of Jigsaw. Lynn is a married mother in her late 30s who is kidnapped by Jigsaw. As you might expect all is not sunny on Lynn's front who's got some dark secrets she's keeping from her family. Then there's Jeff, a dad who has never recovered fully after his son died. It was an accident but he's never been able to forgive himself. how he fits into the SAW legacy is being kept a mystery. Producers are looking for name actors for both of the roles, which should be cast in the next week or so. Darren Bousman is returning to direct the film with a script by Leigh Whannel.

It is rumored that Part III will be the final installment so it will be great to see how they wrap all of it up.  Keep it here.