The title will also likely be exclusive to Xbox and PC as Bethesda is now a first-party developer.
Xbox Game Pass Gets A New Arkane Game
This new project will be a new game from the developers of Prey (2017), whilst Arkane Lyon develops the PS5 timed-exclusive Deathloop.
"At the end of Dishonored 2, I went back to Austin. I'm not in Deathloop, I'm in something else, working with the guys who made Dishonored and Prey"
This is exciting news, but we don't have any details on what you can expect from the project itself, as it is likely still in heavy development and won't release until 2022 or later.
However, we can expect that it will be another immersive sim, similar to the studio's other titles. It is also possible for it to be a brand new IP, rather than a sequel to Prey as the game notoriously didn't sell well.
Xbox Game Pass has a steady library of Bethesda titles already available, such as Doom Eternal and Fallout 76, but this will be another feather in the cap for the service.