Rare, the developer own by Microsoft announce that they are currently working on a new IP, here is what we know about the game right now.
According to Rare, the new game will be called Everwild but according to Microsoft, the game will be something original and special although they did not reveal what the game is about or any important details.
They did say that it is still in its early development stage so we might have to wait a little longer before we actually learn something about the new game. At this point, most people believe that the game will be released on the Xbox and PC but we will have to wait and see if the game will be released on the other platform or not.
Rare already has a lot on their plate as they are supporting both Sea of Thieves and also working on the new Battletoads game.