The Burnout franchise may be on the backburner at EA, but that's not to say fans don't have something to look forward to. Three Fields Entertainment, a new studio formed by former Criterion founders Alex Ward and Fiona Sperry, made a fairly obvious teaser announcement via Twitter yesterday.
Though they never actually said that they were working on a Burnout successor, but they did mention "shiny red cars" (which was the working title for the original Burnout) and all sorts of fan-related stuff.
Among the things mentioned was the fact that it won't be an open-world game (like Burnout Paradise) as the new studio simply don't have the resources at this point. The Burnout franchise is owned by EA, but a spiritual reboot or successor is of course possible for Ward and Sperry and their team.