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!
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.