A few more details are included here from the original report, but TL:DR, this was Project Scarlet, which was set to be the next mainline RPG releasing in 2027.

Yeah it's in dev :)

I think we'll get a massive Ubisoft Forward next summer -- I think the only thing between now and then is probably the Black Flag Remake and the AC Multiplayer project, so everything is changing so rapidly I can't really comment