Game Informer's rumour column "Loose Talk" in the May issue of the magazine claims that the second game Ninja Theory are working on apart from Enslaved is the next Devil May Cry.
Capcom has previously stated that they won't let western developers re-envision their old franchises any more (after Bionic Commando), but that they are open to letting western developers have a go with active franchise (such as Blue Castle and Dead Rising 2). A Devil May Cry 5 from Ninja Theory would fall into the same category.
It remains to be seen if this rumour is true, but given that Capcom have quite a few successful brands at the moment it would make sense to farm some of them out.
(Pictured Devil May Cry 4)