He is open to possibilities.
On June 9, a press conference for Netflix’s Squid Game Season 3 was held in Seoul.

Regarding any plans for more seasons, director Hwang Dong Hyeok made his intentions clear.
There are no plans to make a season four. It is something we discussed and worked on while working on Season three.
— Hwang Dong Hyeok
Hwang added that although there would be no more seasons, he left the storyline open for possibilities.
If you watch the series, you might think that a fourth season is possible, but it doesn’t necessarily have to be made.
— Hwang Dong Hyeok

He also hinted at the possibility of producing a spin-off.
“If you ask me if I have no intention of returning to the series, that is not the case.
I have a movie planned for my next project, so I don’t have any immediate plans, but I’m thinking about doing a spin-off if I get the chance.
Sometimes I wonder what the characters were doing at a particular time and want to talk about it, so I’m thinking about making a story like that.”
— Hwang Dong Hyeok
Meanwhile, season three will premiere on Netflix worldwide on June 27.
WATCH: Netflix Unveils Official Trailer For The Final Season of “Squid Game”