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In 74HCT245 bidirectional buffer IC, 3rd state is high impedance state as shown below.

74HCT245

Link for datasheet: http://www.nxp.com/documents/data_sheet/74HC_HCT245.pdf

If we want 3rd state as "Latch" ( to hold previous value ), Is there any option ( IC ) available for such application.

Thanks in advance.

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For a latching function take a look at the 74HCT373. This will only be a one direction part.

For a bi-directional part that has registers in both directions take a look at the 74HCT646.

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    \$\begingroup\$ May I also suggest the 74HCT374 and the 74HCT377, other latches but with slightly different clock/enable inputs. \$\endgroup\$ – John Honniball Dec 8 '14 at 17:03

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