Disney has rehired James Gunn to direct Guardians of the Galaxy 3.
According to Deadline, Gunn has been rehired to helm Guardians 3. He was brought back onboard “months ago” prior to this announcement due to Disney president Alan Horn being impressed with Gunn’s apology and actions following the controversy. Gunn’s expressed remorse for his old tweets multiple times and stated how he’s grown as a person. However, there were some challenges that needed to be worked out, as the director has signed on to write and direct The Suicide Squad for Warner Bros. It appears that film will be first up for Gunn, with the director expected to turn his attention back to Guardians of the Galaxy Vol. 3 shortly thereafter.
It is unclear what led to Horn’s change of heart. However, it’s reported that the way Gunn went about handling the situation afterwards, as well as his public apology, ultimately resulted in Horn meeting with him in recent months to reinstate him on the project.

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It goes without saying this news will be extremely well-received by members of the Marvel community and MCU fans. The Guardians cast (Dave Bautista in particular) were vocal about their displeasure to axe Gunn in the first place, knowing full well what the filmmaker brought to the series.
Guardians of the Galaxy Vol. 3 does not have a release date.
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Source: ScreenRant