The Japanese Amazon site is listing a November 2011 release date for a DVD release of Code Geass Gaiden: Bôkoku no Akito, indicating that the third anime in the mecha war/political/drama franchise will be released as a direct to video OVA series.
The Code Geass Gaiden Bōkoku no Akito project is set in Europe where a Knightmare Unit of Zone Eleven boys and girls must rescue allies left behind on the battlefield - check out the site here.
This new project will not feature the series' protagonist, Lelouch, but will take place in the same world.
The director for the new season is Kazuki Akane who also directed The Vision of Escaflowne and Noein - to your other self. Akira Yashuda will once again design the mechanical Knightmare units with Shigeru Morita providing script support. Takahiro Kimura will also be returning to adapt CLAMP's original character designs.