Not currently working on that IP
Despite a number of rumors and much talk, Epic has confirmed to Forbes that currently they are not working on a new Unreal title. At least for the time being, the company has ruled out the possibility of working on the Unreal IP, but you never know what the future holds.
Unreal and Unreal Tournament still have a “huge influence” on how the studio works and what the studio is doing. While there have been a number of rumors on what Epic is working on, the company has yet to make anything official.
If you believe some of the whispers, Epic is apparently working on a sort of new IP that will be the next title the company releases.