According to a tweet from the now deleted user known as TheReaIInsider, there are actually two games in development right now. This insider has been known to get things right a lot of the time, but was involved in a scandal yesterday after it was revealed who he really was (a YouTuber breaking signed NDA's). Despite this, it's worth taking into account that most of the things he has said previously has turned out to be correct, so we assume it's a good chance that this turns out to be true as well.
There have been rumours about a Crash Bandicoot game with a multiplayer focus, and we assume the second game probably is a new platforming adventure or a kart racer. As Microsoft is currently buying Activision Blizzard, it's a fairly safe bet the two titles will be released for PC and Xbox, although we know from games like Minecraft Dungeons and Deathloop that it could turn out to be both multiformat or even exclusive to other formats if a deal has been signed before Microsoft has acquired the publisher.