Stig Asmussen, the director of Star Wars: Jedi Fallen Order, has plans for a trilogy around Cal Kestis. This means that a third game may be released in the future.
Asmussen's statement suggests that a third game is likely if the upcoming Jedi: Survivor does well.
Discussions about a sequel were already taking place before the release of Jedi: Fallen Order in 2019. Asmussen had always planned to tell Cal Kestis's story over three games and already had ideas of how he could present Cal and his crew in new environments.
In addition to the narrative and gameplay, Asmussen also spoke about the progress of technology. A possible third game would likely be built on the Unreal Engine 5 instead of the Unreal Engine 4 of Jedi: Survivor.
Before any thoughts of a third game, however, Jedi: Survivor needs to have a successful launch. Respawn has already taken into account a lot of feedback from fans and integrated new features such as fast travel.