Speculation has been rife among fans about whether BTS member V, also known as Kim Taehyung, would appear in Squid Game Season 3, which was released on June 27, 2025. The rumors began after V hinted at a "huge" upcoming project during a Weverse live session shortly after completing his military service. This sparked numerous fan theories, with the most popular being that he would be part of the latest Squid Game season.

Adding fuel to the fire, during BTS's Permission to Dance on Stage concert, V dressed as a guard reminiscent of those in Squid Game, even dramatically removing the mask, further exciting fans. In January 2025, when Squid Game actors Lee Jung-jae (Seong Gi-hun) and Wi Ha-joon (Hwang Jun-ho) were asked about V's potential involvement, they remained tight-lipped, with Jung-jae saying, "I can't say anything about that," and Ha-joon simply stating, "No comment".

However, with the release of Squid Game Season 3, it has been confirmed that V does not make an appearance. Disappointed fans have expressed their feelings on social media, with some saying they "fell for the propaganda" and were misled by the rumors. It seems V's "huge" project was something else entirely.

Squid Game Season 3 sees the return of key cast members, including Lee Jung-jae as Seong Gi-hun (Player 456), Lee Byung-hun as Hwang In-ho/the Front Man, and Wi Ha-joon as Hwang Jun-ho. This season also introduces new players and characters, such as Im Si-wan as Lee Myung-gi, Kang Ha-neul as Kang Dae-ho, and Park Gyu-young as Kang No-eul. The VIPs, who spectate the games, are played by David Sayers, Jane Wong, Bryan Bucco, Jordan Lambertoni, and Kevin Yorn.

The final season consists of six episodes and focuses on Gi-hun's last attempt to rescue contestants from the deadly games, with revenge taking center stage amidst unexpected twists.