Oi - That's my avatar!
I've seen three separate possibilities for a third Dr Who film. One was, as Wearysloth says, The Chase - which was the third Dalek serial and, as the good Doctor was not mentioned in the title of the second film (Daleks - Invasion Earth 2150AD) that seems to be likely.
However, I also seem to remember reading that an adaptation of The Keys of Marinus was considered - basically each episode was a separate adventure in a different part of the planet Marinus as our heroes hunted out computer components. The result would have been similar in some ways to Amicus's anthology films. This would have required quite a few different sets and might have been too expensive - I can't remember where I read this.
The other possibility - I think this was in a Doctor Who Magazine article years ago - was Doctor Who and the Dinosaurs (or some lost world or equivalent - NOT based on a TV original). Again, this seems unlikely - unless this was an attempt to cash in on 1 Million BC. As the DWM article pointed out, given the similarity in Cushing's performances, At The Earth's Core shows how this might have turned out.
Despite the attractiveness of the other possibilities, my own suspicion is that The Chase was the most likely candidate, with the others, if they were ever seriously considered, were ways to crack the US market - especially the dinosaur possibility.
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