Clint Eastwood, Harrison Ford, and Nicolas Cage Approached for The Expendables 3

According to Avi Lerner, they have approached a rather ambitious line-up for a third Expendables film.
“We’ve approached Clint Eastwood to be one of the guys, we’ve got a character in mind for him. We’re talking to Harrison Ford. [And we want] Wesley Snipes when he comes back from prison. I’ll give you one more name, we’ve got Nicolas Cage to play [one of the characters].” 

“And we’re going to bring Mickey Rourke back, if he won’t be too crazy. I like Mickey. And of course, all the existing stars [will return]”
Apparently, they've already got a name picked out for Cage, which sounds like something along the lines of Hunter Grimlenson/Hunter Gatherer.

Speaking to Bleeding Cool, Stallone had this to say about a third entry, even throwing in Olympic gold medalists like boxer Katie Taylor as potential cast members:

"We are thinking about different concepts because the third one is the hardest by far. The second is the natural progression. That is when the air gets rare.

We are thinking pretty ambitiously about it. She [Katie Taylor] would fit right in there. We are looking at odd choices because you now have to give the audiences something they don’t expect at all. Maybe even going for a different sort of genre if you can read between the lines. Get out there a little bit."

Looking to Schwarzenegger, Stallone added, "Maybe ripoff one of your other films."