The new greenlit Ninja Theory project by Microsoft is apparently Hellblade 3, as claimed by industry insider Gaz on Twitter. He confirmed the tidbit to corroborate a previous rumor by Jez Corden, who also explained that a new title besides Project MARA was recently greenlit for the prominent studio. Microsoft has seemingly approved the new iteration of Hellblade to give devs assurance after Tango Gameworks was closed.

FULL REPORT:
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FULL REPORT:

Xbox Has Greenlit Hellblade 3 For Ninja Theory, Claims Insider
The insider mentions that Xbox gave Ninja Theory assurances after the Tango Gameworks closure, greenlighting Hellblade 3 in the process.
