It appears that the next game from Ninja Theory is currently in development

Ninja Theory is bolstering its development team with new hires, focusing on experienced senior combat system designers proficient in Unreal Engine 5 and boss fight design. This hiring spree suggests significant upgrades to the combat mechanics in their upcoming project, potentially a Hellblade sequel or an entirely new IP.

The core objective of these enhancements is to create more dynamic, intricate, and context-sensitive battles. While the Hellblade franchise boasts impressive combat choreography, past encounters have been criticized for their linearity and repetitive nature. The revamped system aims to foster more nuanced enemy interactions, resulting in uniquely challenging encounters each time. The studio may be striving for a combat system akin to Dark Messiah of Might and Magic, renowned for its diverse engagements stemming from the interplay of environmental elements, location specifics, weaponry, and character abilities.