While there is no official announcement about a new Twisted Metal game, we do know there's a TV series based on the franchise coming. But there has been quite the few rumours from good sources claiming that Sony has also greenlighted a new game to generate some synergy between both products.
Most rumours and clues pointed towards Lucid Games, makers of Destruction AllStars, as the developer. While that seemed like a good fit, VGC has now shared a report which claims the project has been moved to another first-party developer instead, which is based in Europe. A likely choice would be the British studio XDev, which has been rumoured to work on Wipeout (and was also involved in the Destruction AllStars development).
If this actually is the choice from Sony, it remains to be seen if they will pause Wipeout to focus on Twisted Metal, or if they have the capacity to work on two games simultaneously.