From IMDB:

"Sharon Stone will direct Basic Instinct 3 in Britain, the actress has revealed. The blonde star is keen to continue the franchise - following her return as Catherine Tramell in the recently released sequel - but wants to step behind the camera next time around. Stone, 48, says, "There's a script for the next part of the story - but I would like to direct it rather than star in it. "It will be filmed in the UK again as the setting is more intense and gritty."
The World is waiting for this. Great Idea.