Guardians of the Galaxy Vol. 3 was initially planned to start filming this spring and be released on May 1, 2020, but after the firing of James Gunn, the film has been put on hold.

After months of speculation, Kevin Feige (Marvel Studios President) conformed that the film will continue with James Gunn’s original script.

Marvel is currently going through a list of directors to find a replacement.

With regards to Gunn’s influence on Phase 4 and beyond, Feige told CinemaBlend

“His influence was Guardians. It was Guardians. It was his input on Guardians and the Avengers films, as you’ve seen in Infinity War, and in the Guardians 3 script, which we’re still using. So you’ll see that influence. I think online, sort of the notion of ‘architect across multiple cosmic things’ was slightly blown out of proportion.”

Source: ComicBookMovie