It's going, going, going — to be caught.
Source, in full
Describing a fly ball hit by the Braves' Ken Oberkfell and caught by Mets left-fielder George Foster in the top of the fifth, Friday, July 19, 1985 at Shea Stadium; as quoted in "Major Networks Had Their Hands Full With Problems Sunday" by Dan Quinn in the Journal News (July 22, 1985)
Notes from Wikiquote
Comment: This humorous variation on the standard premature home run call appears to have been coined on July 30, 1983, by The Albuquerque Tribune's Mike Hall, in "Batty Decision Could Keep Us Hanging 'til the Playoffs".