The Co-Creator of Looking Glass Studios is indeed working on it!
http://www.othersideentertainment.com/
(and Facebook page)
https://www.facebook.com/OtherSideEntertainment
Games Pioneer Paul Neurath Forms OtherSide Entertainment and Announces its First Game, Underworld Ascension™
July 1st, 2014 – Boston, USA – OtherSide Entertainment, a new independent games studio, today announced its formation. Fronted by game pioneer Paul Neurath, OtherSide Entertainment revealed that its first title,
Underworld Ascension™, will mark the return of the groundbreaking and long fallow Underworld franchise.
Paul Neurath, Founder and CEO of OtherSide Entertainment, is renowned for his creative direction spanning three decades, notably leading the development of such classic franchises as
Thief™, System Shock™ and the acclaimed
Ultima™Underworld.
Underworld Ascension marks both the series and Paul Neurath’s return to his RPG roots, with OtherSide Entertainment aiming to innovate and revitalize the fantasy genre in the same way that its predecessor did in 1992. “With
Underworld Ascension,” said Neurath, “we are excited to be bringing back the
Underworld franchise, making it more vital than ever before.”