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Nobody who walked out of Toy Story 3 thought to themselves, "Man, I can't wait for Toy Story 4." The film was a fantastic conclusion to a terrific series - just don't tell that to Tim Allen.
The Wrap is reporting that Allen is still under contract for a fourth Toy Story film, citing "individuals familiar with the Home Improvement actor's contract." It should be noted, however, that just because he is under contract doesn't mean that the film will ever be made. Speaking with a Disney spokesperson about the possibility of making the trilogy into a quadrilogy, the website got an expected response:
“We are thrilled with the audiences response to Toy Story 3, and fans will be seeing more of the Toy Story characters in a short film next year. At this time, we have nothing to announce regarding another full-length feature.”
It isn't too uncommon an occurrence for an actor to have a contract that extends beyond what the studio intends to produce, but let's think about this for a second: would we really hate to see another Toy Story movie go into production? If we were talking about any other studio the idea of a sequel would be abhorred, but Pixar is the home of some of the greatest minds in the history of filmmaking. I can say with absolute certainty that if Toy Story 4 were to be put into production tomorrow because John Lasseter and crew had developed a great idea, then I would support it.