Not to be confused with the System Shock remake currently in the works, we're talking about the other System Shock project currently in development. The bona-fide sequel from Otherside Entertainment, System Shock 3, has just announced a publishing agreement with Starbreeze who will invest an additional $12 million USD to bring the game to PC and "other platforms".
Which probably means a console release for PS4 and Xbox One. System Shock 3 is still very early in development, but the team is comprised of veterans from the series and is being headed up by Warren Spector.
Starbreeze CEO Bo Andersson-Klint had the following to say about the new partnership, "System Shock is one of those iconic franchises in the history of games that still gets my blood going and Mr. Spector is one of the founding fathers of the modern action RPG. We’re greatly looking forward to bringing System Shock 3 to players world wide in our collaboration with Otherside Entertainment and Warren Spector’s team. I’ll be first in line to play".