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Staff from Slightly Mad Studios will be moved to other EA projects where possible.
With competition law approval formalities passed, EA is now poised to be the biggest name in racing games.
EA is set to acquire the studio behind Dirt and F1 for $1.2 billion.
The company will leverage its new development teams to make racing games an annual occurrence.
Slightly Mad Studios' racing sim features the most robust career mode and track list in the series, and there's plans to grow post-launch.
The third game in the series will offer a lot of customization options, as this new trailer shows off.
Project Cars 3 is not far away, and you can check out some of the hugely detailed car models in advance of its PS4, Xbox One, and PC release.
Slightly Mad Studios has made a number of changes to Project Cars 3 to better support franchise newcomers.
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