During an unrelated presentation on animation prototyping at GDC 2014, Epic Games Lead Animator Jay Hosfelt reportedly confirmed that the successful independent studio is in fact working on another new intellectual property (thanks Polygon
Initial reports mistakenly presumed that the new franchise would use assets from the impressive Unreal Engine 4 Samaritan Tech demo
released back in 2011, but Polygon notes that Epic PR Manager Wes Phillips has since confirmed that is not the case: "The visuals in Jay’s GDC talk represent sample content we give to Unreal Engine 4 licensees. And even though he talked about our prototyping process, there were no visuals in his presentation that represent our unannounced game."
Having recently sold off its stake in the Gears of War franchise to Microsoft, Epic Games still has a stable that includes the widely-used Unreal Engine tech and games such as Unreal, Shadow Complex, Infinity Blade and Jazz Jackrabbit. The studio is also still said to be working on Fortnite, the sandbox shooter first announced in 2011.