Earlier this month, rumors began to circle that another Borderlands spin-off game was in development, and that studio Gearbox Software wouldn't be the lead developer this time. Those rumors were swiftly shut down by Gearbox's own CEO, Randy Pitchford, who stated that Gearbox was not co-developing any new Borderlands game and it is strictly the sole developer on the series. What is true, however, is news that Gearbox has an all new franchise in the works and it could release later this year.
As reported by VGC, Take-Two, which owns the Borderlands series' publisher 2K Games, recently stated during an earnings call that it plans to release 21 games during the current fiscal year. This includes four "immersive core" games, two from already established franchises, and two for new franchises, one of which is Gearbox's new title. Since the fiscal year ends on March 31, 2022, this means the new game should release before April 2022 at the latest. So, while it could theoretically come out before 2021 ends, it could very well not launch until early next year.
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In the wake of VGC's report, Pitchford himself even acknowledged it, although he didn't provide any details about the project. He only stated that it took years of work, so this is clearly a game that Gearbox has been developing for quite a while. Considering the timing, there's every possibility that the game will be revealed at E3. Gearbox is among the studios that will be attending E3 2021, so perhaps it will share a brief teaser or even a proper gameplay trailer, considering it's supposed to release within 10 months or so.
It should be noted that, back in February, Gearbox was acquired by holding company Embracer Group, which also owns the likes of THQ Nordic and Koch Media. Development on the new title obviously must have started long before the acquisition. However, at the time, 2K stated that the acquisition wouldn't change its relationship with Gearbox, nor would it stop publishing Borderlands games and other assorted projects. It's safe to assume that the mystery title hasn't been affected by the acquisition either.
As for Take-Two, it will also be appearing at E3 so fans are hoping for some major game reveals related to its franchises. The "immersive core games" have been described by Take-Two president Karl Slatoff as being games that offer highly engaging gameplay, such as Rockstar's Grand Theft Auto and Red Dead Redemption games, so Take-Two could be planning to announce some of them at E3. At the very least, fans can probably expect something related to the next-gen releases of Grand Theft Auto 5.
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Source: VGC