Described as a standalone sequel, it will put the franchise's trademark stories, characters and non-linear stories in an open-world setting, according to Game Informer.
The world is said to be 30 times larger than the previous Witcher game, and bigger than the one seen in Skyrim.
Confirmed settings include "stormy islands to war-torn forests and a sprawling dark fantasy metropolis", while the story is said to see "a tired hero who wants to set things right but can't put down his swords until his conscience allows - if it ever does."
It was added that it won't feature any loading screens, and that monster hunting will be one of the new features available in the open setting.
The Witcher 3: Wild Hunt will be available on PC and "all high-end platforms available" in 2014, suggesting it will be released on next-generation consoles.
CD Projekt Red is also working on a futuristic new property titled Cyberpunk.
> Our review of The Witcher 2: Enhanced Edition
Watch a trailer for The Witcher 2 below: