I think the possibility for a game to be made is there, but for it to continue the story from the original 3? Never.
Only time will tell, I suppose.
Exactly that and in addition it will most likely be yet another Reboot, since i think not many have played Turok 3, or want to replay an old exclusive N64 Game just to get an idea of the story.
I played it myself and i would love to see an continuation of Turok 3´s Story, yet as i said that will be very unlikely (except maybe Nightdive makes an Turok 3 Remaster, which i think will probably never happen).

As Dinomite said himself, only time will tell, but i gave up any hopes long ago.