3rd film

Nope.

He would be like old.

I seriously doubt it for a variety of reasons. When I was watching it, I thought they were setting themselves up for a 3rd movie when Cruise was shot down, but then they just included what could've been a 3rd movie into the final act.

There are issues now with a 3rd movie. I mean I suppose whoever owns the rights could crap out a TG3 that isn't at all a real Top Gun. But as far as a real TG3...

Tom Cruise is considerably older. By the time production would start he'd be much older than he was during production in TG2. Not only does that impact the suspension of disbelief, but physically being in a real TG movie is very demanding.

He could have solely a ground role, but I'm not sure he'd be interested in that. We have yet to see what he's going to do after his current "swan song" set of films and whether he's going to focus on movie making, "passive" roles, or retire altogether.

Another problem that presented itself in the role of the F-18 in TG2 is that two-seater aircraft aren't the future and two-seaters are needed for production. I suppose there are ways of getting around this by doing interiors of other aircraft as well as CGI/green screens, but it wouldn't be the same as knowing they're actually in an F-18. What they did this time with the skunkworks "Aurora" test flight followed by a contrived reason for the F-18 isn't going to fly more than once.

There's always a chance for Iron Eagle 5 though ;)

i doubt it , Cruise is getting old and would not want to phone it in, maybe a streaming series