Volition has confirmed it's working on new IPs at the studio.
"There are, but I don't know if I'm allowed to talk about them," Red Faction: Armageddon lead designer David Abzug told Videogamer.
Only one new IP is known to be coming from the studio: its 2013 horror collaboration with Guillermo del Toro, inSane.
The Saints Row and Red Faction developer added it wouldn't rule out a return to the FPS genre which made Red Faction what it was before the third-person transition with Guerrilla.
"First-person and third-person are just two different ways of making it. There are things that first-person does better, there are things that third-person does better. Third-person gives you more situational awareness, first-person makes you feel more involved in the action," added Abzug.
"Third-person lets you see your character more, first-person gives you a more claustrophobic view - it's better for a military shooter."
Red Faction: Armageddon releases on June 7 in the US and June 10 in the UK for PS3, 360 and PC. Saints Row: The 3rd launches on the same platforms this fall.