So Cory is 8 years working on a new god of war reboot
PS5 is already have years of life, so by the Sony mentality (remake, remasters, GAAS) we can pretty much attest that their next game will be indeed God of War.
Cory is SSM's creative director, so he's basically creative director or all the stuff they release.
In addition to his studio creative director role, he was also supposedly directing a new (meaning non-GoW) IP he pitched late 2018/early 2019.
Before releasing it, SSM is supposed to release something else smaller, I assume directed by somebody else.
And in addition to these things, SSM is also confirmed working (with another director) minimum in the next mainline GoW game bringing Kratos to a new mythology.
They are also helping with the GoW tv show adaptation (which got rebooted last year).
SSM is listed by Sony as a SP only studio, meaning they aren't working in any GaaS title.
I think they are working on a new IP though, also Schreier just said 'why does everyone think its a new IP?', that doesn't mean it isn't, also doesn't mean it is and he can use that excuse when the game is finally revealed one way or another
Just after releasing GoW 2018, a game that broke Sony's sales record and was the 2018 that won more GOTY awards, Cory said that was going to pitch a new IP.
Having had that huge success with the GoW 2018 reboot, it's super likely that SSM/PS Studios/SIE greenlighted it. As far as we know they've been working on it. And even if not confirmed seems that its theme is the space.
Does it mean it's a brand new IP? No, it can be a non-SSM IP. That year 2018 a few months after he said that they released Spider-Man, and pretty likely he played it by then and knew it was going to be a huge success. So maybe it's a Marvel IP he'd like to adapt.
Or who knows, maybe it's another IP, pretty likely owned by Sony. As an example could be Uncharted in space: the daughter dissapears searching for Atlantis, Nate goes to find her and ends finding an alien ship there and travelling to another planet to find her with Sully, who becomes a fan of aliens with 3 boobs.
ND doesn't seem interested in Uncharted 5 because like other Sony teams think white male protagonists give you cancer or similar, but Sony continues listing Uncharted as one of their current main single game series, meaning pretty likely some single player Uncharted in the works somewhere.
