"It's more likely that [the BioShock movie] would be released coincidentally with BioShock 3," Zelnick said in an investors conference call, as reported by Kotaku.

BioShock 2, in development at California-based 2K Marin, is currently planned for a fall 2009 debut for yet unannounced platforms. Take-Two stated that BioShock creator Ken Levine will be involved in the development of the sequel, though his role on the project was not specified.

Zelnick has previously expressed interest in expanding BioShock into a full-fledged franchise, stating in an investor's conference call last year that an "every-two-year [release] schedule would be optimal."

Developed by 2K Games, the critically acclaimed and narrative-driven underwater shooter first appeared on the PC and Xbox 360 in August of last year. A long-rumored PlayStation 3 port of the title was recently slated for a release this coming fall.

Shacknews has contacted Take-Two for more details and will update when more information or a recording of the conference call has been provided.