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On July 18, 2011, Capcom officially announced the game had been cancelled.[7] As a sequel to Mega Man Legends 2, the game would have introduced two characters, Aero and Barret, joining with returning ones to rescue the protagonist Mega Man Volnutt from the Elysium.[8] While Capcom was developing the game, several aspects from the game such as the new heroine Aero, a mech and Mega Man's design were chosen by fans as Capcom invited fans to send their designs in their official Mega Man Legends 3 website.[9][10][11]

On Twitter, Capcom Europe blamed lack of fan support for the game not being released, despite 20,000 more people than what was needed signing the petition.

Although Inafune left Capcom in November 2010, the team working for Mega Man Legends 3 stated that the game would continue development.[12] Capcom intended to release Mega Man Legends 3: Prototype Version in 2011 for the 3DS eShop, featuring 10 missions, and Barrett as a playable character.[13] The Prototype Version was going to act as a prologue to the forthcoming main game.[14]

On July 18, 2011, it was announced that production on Mega Man Legends 3 was being cancelled, and that neither a full game, nor Mega Man Legends 3: Prototype Version would be released, and that there were currently no plans to resume production.[15] According to the website GamesRadar, the only journalist to play either version was Chris Hoffman of Nintendo Power magazine.

On May 26, 2014, in an interview with Siliconera, employees of Cup Of Tea Productions (Responsible for Mega Man Legends 3 voice recording) confirmed that the Prototype Version was very close to completion.[16]

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