Ubisoft seems to have made at least one aborted attempt at a Prince of Persia game before putting it on hold.
According to the profile, the artist worked on the project from April 2010 to April 2011. It was built on the Anvil engine which powered Assassin's Creed games before the third numbered entry, and was destined for PlayStation 3 and Xbox 360.
While the cancelled title was in development, the artist built a city "in destruction", including scripted events and sculpted a living creature of some kind.
This Prince of Persia seems to be unrelated to Osiris, another unfinished project abandoned by Ubisoft.
The last Prince of Persia game was 2010's The Forgotten Sands. It was a continuation of the line established by a number of PS2 games, and completely ignored the existence of an interstitial reboot released in 2008. Neither recent game fired critical loins.