It seems like Nicolas Cage will be in any movie these days. It was previously rumored that he was wanted for The Expendables 3, and today Sylvester Stallone has confirmed that Cage will in fact be in the movie. It's also been confirmed that they are still trying to get Harrison Ford and Wesley Snipes, as well as get Mickey Rourke back on board. I guess Cage seems to fit the criteria to be in this movie. He's been in plenty of films where he's running away in slow motion as something expodes behind him. This is what Stallone said on his Facebook page:
We are preparing the film with the same passion and commitment as the previous two. We have confirmed Nicolas Cage, a master actor who gives a veneer intellectual group. Hopefully we can realize to Harrison Ford, Wesley Snipes and Mickey Rourke. That is the great mission of the producer. We will continue with the same narrative scheme, the agility and the frenzy, which are inherent to the saga. What will definitely be the last? I can not guarantee. In principle it would be two deliveries, but the affection of the people encouraged us to work on a third. I guess as long as we amused ourselves by offering fun and people, we can continue playing ‘The Expendables’. For now we are not as expendable as it should and as some critics want.
As of right now there is no writer or director attached to the film, but it's going to get made.