sides, the can't touch it, as they handed the property over to obsidian ent after the first one.
LucasArts can choose to have any developer they want for KOTOR 3, including BioWare. It would just depend on timing and availability.
Also, keep in mind that LucasArts and BioWare announced back in October that they are working on a yet-to-be-named project together that is reportedly a next-gen MMORPG. Many assume this is KOTOR 3.