Third person MOBA Smite managed to carve a significant portion of the market out for itself by being just different enough from its peers in execution to bring in its own audience but familiar enough in theme to prove popular with the traditional Dota/League crowd. It was a big success for developers Hi-Rez, previously of Tribes and Global Agenda, both games they quickly abandoned when Smite became a hit.
Now it looks like Hi-Rez are gearing up for their next big announcement, with a tweet from COO Todd Harris confirming a brand new PC and console game will be playable at Gamescom. It will be displayed alongside the recently released Xbox One version of Smite, so it's possible the new title will be similarly exclusive to Microsoft. Therefore it's possible it will be properly announced at the Xbox briefing on the 4th.
The most recent talk of a new game from Hi-Rez came when the other founder of the company, Erez Goren, managed to get himself shadowbanned from Reddit after asking readers to upvote a thread about a potential Global Agenda sequel. Whether this new game is the result of work that started around that time or something entirely new is unknown, but it's our current best guess. Followups to Todd's original tweet state that it is not a Tribes sequel.
As is the current theme, we'll have more information for you in the first week of August.