It appears that the next game from Ninja Theory is currently in development

Ninja Theory is expanding its team, seeking experienced senior combat system designers proficient in Unreal Engine 5 and boss fight design. This suggests improvements to the combat system are underway for an upcoming project, potentially a Hellblade sequel or a new IP entirely.

The focus is on creating more diverse, intricate, and environmentally responsive battles. While Hellblade’s combat choreography is lauded, battles often felt linear and repetitive. The new system aims for more complex enemy interactions, resulting in unique encounters each time. The ambition seems to be a system akin to Dark Messiah of Might and Magic, where environmental objects, location specifics, weapons, and character abilities contributed to vastly different combat scenarios.