Night Dive Studios—the group behind the recent System Shock Enhanced Edition and new owner of the System Shock IP—recently teased that it was in talks about a possible sequel to the legendary System Shock 2. Thanks to some enterprising members of the public, that sequel has now been outed: System Shock 3 is in the works and being developed by Otherside Entertainment, the small studio currently developing Underworld Ascendant.
As discovered by a member of the RPG Codex forum, System Shock 3 was supposed to be the big reveal at the end of a countdown timer started on Otherside Entertainment's website yesterday. The countdown timer, which is still live, sits on a cryptic teaser page with a flickering letter "S" and a countdown clock with just over five days remaining. While it's possible that the countdown could be for another project, the discovered page, as well as the link to sign up to the System Shock 3 mailing list appear conclusive.
Notably, Otherside Entertainment was founded by Paul Neurath, who also co-founded original System Shock creator Looking Glass Studios. Other members of the team include developers who worked on System Shock 2, Thief, Dishonored, and Bioshock Infinite, the latter being the last game from System Shock 2's director Ken Levine.