This is from wikipedia, so I am not too sure, but rumor is that it's been confirmed for January 2011.
wooo hooooo!! sorry got carried away there. u just gave me some very good news. wiki news is usually accurate unless they delay the release due to some reason. so i guess i'll have to save the game's save game some place safe i just visited wiki and read the entire page. yes they've already started work on ME3 and since there'll be no major changes or updates in the graphics or the game physics of the game it should be out by Jan 2011.
[Edited by saurabhfzd, 2/3/2010 8:28:21 PM]
[Edited by saurabhfzd, 2/3/2010 11:21:20 PM]