Jose Padilha and Eric Newman will continue to serve as executive producers of the series.
The first season of the critically praised drama Narcos chronicled the rise of Escobar (Wagner Moura), while the second season dealt with his fall.
Moura's performance as the Colombian drug lord was one of the biggest reasons for the show's popularity but with the conclusion of his character's story, there were questions whether the series will continue.
"Narcos is about cocaine and cocaine continues beyond Escobar. I'll go as long as they'll let me go," Newman had told the Hollywood Reporter.
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Javier Pena and Steve Murphy played DEA agents Pedro Pascal and Boyd Holbrook, who helped take Escobar down.
Pascal and Holbrook also serve as series consultants.
The end of second season sees the rise of rival gang Cali cartel and the announcement video also highlights the new cartel taking over, with leader Gilberto Rodriguez Orejuela (Damian Alcazar) stepping into Escobar's place.
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