Last year inXile Entertainment released Wasteland 3, the latest in its series of turn-based isometric RPGs, and it was quite good. The studio is currently working on "wonderful new RPGs," as CEO Brian Fargo put it, clarifying that "our second RPG is in the infancy of pre-production."
Job listings unearthed by Twisted Voxel hint at what at least one of those RPGs will be like. A call for a lead gameplay engineer mentions the new hire will work on "the studio's next-generation action role-playing game", with "first person shooter gameplay features". The senior gameplay designer role calls for someone who can "understand the moment-to-moment gameplay loops of first-person shooters and RPGs", and mentions "powerful, tactile first-person weapons and unique combat abilities".
If you were hoping this would be Wasteland 4 (or New Vegas 2), there's also a call for an art director to work on "a next-generation role-playing game" which will be "a rare opportunity to help bring an extraordinary new world to life", suggesting that it's not a direct sequel to an existing game.
While inXile does have two studios, one in Tustin, California, and another in New Orleans (which created first-person VR game The Mage's Tale while the California studio worked on The Bard's Tale 4), all of these details come from California job listings. Two listings for jobs in New Orleans mention similar requirements and the job descriptions for senior lighting artists in both locations are identical. So presumably the details above are all in reference to a single RPG—one that involves first-person action and gunplay.
Last month, inXile released a non-RPG game through Japanese publisher Thirdverse, a multiplayer shooter called Frostpoint VR: Proving Grounds.