The Electronic Arts Skate franchise will be getting another chapter, as word has reached us from our sources that Skate 3 is already in development. According to our sources, EA is targeting a May 2010 release date, if possible.

EA is looking to expand the skateboarding franchise with Skate 3 by featuring a story line said to consist of two rival skate crews vying for the best skate spots in Port Carveton. In addition, EA looks to build on the social and community aspects of the Skate franchise in new directions. Of course, with Activision releasing a new chapter in the Tony Hawk saga, Skate 3 will have to go the extra mile in order to make sure that it is keeping up with its rival.

One of the biggest focuses on Skate 3 is said to also be in the area of being able to build and create things on a very big scale. Sources say that Skate 3 will allow players to build, create, modify and design just about anything within the game and be able to share content among users.

According to our sources, it is slated for the Xbox 360 and PlayStation 3. Skate 3 will be developed by the remains of EA’s Blackbox studio in Canada.