Twelve years has passed since Valve Corporation released "Half-Life 2," but rumors about the highly anticipated "Half-Life 3" still exist despite the lack of updates from the game developer.

Despite the huge demand to continue the sci-fi first-person shooter game with a new installment, Valve co-founder and managing director Gabe Newell told IGN in March 2015 that they are not interested to come up with a new installment of the game.

"The only reason we'd go back and do like a super classic kind of product is if a whole bunch of people just internally at Valve said they wanted to do it and had a reasonable explanation for why," Newell said. "But you know if you want to do another 'Half-Life' game and you want to ignore everything we've learned in shipping 'Portal 2' and in shipping all the updates on the multiplayer side, that seems like a bad choice. So we'll keep moving forward. But that doesn't necessarily always mean what people are worried that it might mean."

The original "Half-Life" co-creator and writer Marc Laidlaw also announced his retirement from Valve in January this year. This means that "Half-Life 3" might not see the light of day anytime soon.

But speculations about releasing a new "Half-Life" game still persist, since it was reported that Valve and Steam were working together with HTC for the HTC Vive Pre gaming device.

According to reports, HTC will come up with a number of VR ready games over the next few years. One of them could be "Half-Life 3," and it is expected to be released sometime in 2017.

But there is no word from the game developers if these reports are accurate. But they have not denied any of it either.

Until Valve makes an official announcement about the status of "Half-Life 3," any report about the game's development must be taken with a grain of salt.