Someone asked the guys who host SentUAMessage on Xbox Live this question, here is the reply they gave:
"Well unfortunately that might not be a reality because the team behind Timesplitters Free Radical actually went into administration in December. However there are still staff working there so don't rule it out as a possibility in the future. Also alot of the key staff from Free Radical including their founder Steve Ellis and David you might remember from Goldeneye - they've actually created a new Studio called Pumpkin Beach Design so theres a possibility that we'll see some great from them coming soon.
I think one of the ex-employees actually released some concept art from what would have been Timesplitters 4 so theres still stuff flying around there so dont count it out. You never know!"
TS 2 on the ps2 was the first purchase of the 3 and its my favourite. I was sad to find out Free Radical went into administration but what can ya do? *shrug*
I remember how fun it was sticking people with mines in multiplayer.. and virus.. don't get me started.. i'd spend hours playing virus with my brother on my favourite map which was the Hospital/church themed kinda place (can't remember if it has a name, its been a while) 10/10 game!