New rumors pertaining to Marvel and Square Enix's The Avengers Project suggests that the game is a reboot of Marvel's Ultimate Alliance games.
Marvel and Square Enix announced the project back in 2017, but other than some slim details and the above trailer that have been revealed, there's not much known about the game. According to the latest rumor though, the "full reboot" of the series is one that's comparable to the scale of God of War's latest game that sharply pivoted from the hack n' slash gameplay of the previous games. IGN Germany reported on a rumor that originated on 4chan from a user who provided details about The Avengers Project and the supposed plans for the reboot.
"Cutting to the short of it: 'The Avengers Project' is Avengers: Ultimate Alliance," the 4chan leaker said. "But it's not just Ultimate Alliance 3, it's a full reboot with the name on it (think something like the new God of War, minus the story continuity: similar name, totally new gameplay/story structure). That's the reason why the tagline of the first teaser was 'Reassemble', to hint at it being a reboot. This is also why the previous Ultimate Alliance games got uprezed recently for current-gen."
The user elaborated on the game's story which reportedly includes an event that separates the superhero team even more so than they were in Captain America: Civil War.
"The game takes place from the perspective of multiple Avengers after a cataclysmic incident broke the team apart (think more Dissassembled than Civil War), but there are 3 which are the core focus: Captain America, Iron Man, and Scarlet Witch (who you heard in the trailer). They aren't the ONLY playable characters, but they are the leads of the story. Gameplay wise think a mix between Uncharted and Infamous."
Info shared in the 4chan post also mentioned that the game will have "connections" with the PlayStation 4's exclusive Spider-Man game with both existing in the same world. The post also references a Guardians of the Galaxy game that Eidos Montreal is reportedly working on.
There's no confirmation that these details are correct though since neither Marvel nor Square Enix have announced such plans to reboot the Ultimate Alliance series. We do know that Eidos Montreal and Crystal Dynamics are indeed working on the game though, a game that's confirmed to be the first in a "new multi-year, multi-game licensing agreement to develop and publish original games based on beloved Marvel Super Heroes," according to Crystal Dynamics' product page for the project.
A release date for The Avengers Project has not been announced.