The British based Splash Damage has revealed they are working on a new IP. Last year Tencent acquired Splash Damage, who are mostly known for their support work on Microsoft titles and their turn based tactics game Gears Tactics.
With Splash Damage working on a new intellectual property it seems unlikely Microsoft is still working with the team. Though, no publishing partner for the game has been announced yet.
Last year the team not only released Gears Tactics, but also a Google Stadia exclusive title called Outcasters.
Source: Splash Damage