https://www.resetera.com/threads/microsoft-studios-partners-current-and-future-landscape.1061/page-27#post-2319028

"It’s exclusive and it’s a returning MS IP.

Go figure."

We Know that they are working on an Open World RPG so I think its a Fable reboot.

This is a quote from their job listing a few months ago.
"Playground Games is looking for a Creative Director to setup and lead a world-class design team on an entirely new AAA open-world action / RPG project."
http://www.playground-games.com/careers/oyeM2fwk/

If its a new Fable I will be so happy.

Exclusive or otherwise, we'll have to wait and see how PG does with something outside of racing, especially considering that there was always a lot of help from Turn 10. This game will be a big chance for them to either cement themselves as a truly great developer, or alternatively, prove they're a bit of a one trick pony.

A proper new Fable game (not that garbage that they tried to make and failed in the process) would make me so happy! The Xbox is severely lacking in exclusives and especially in the RPG genre so anything at this point would be greatly appreciated.

From the job listing I don't think it will be a traditional Fable game. I expect a Witcher meets Fable type game.

He also says its very early, which goes with the new studio opening. Being new genre and open world I think we wont hear from this game till 2020/2021 and will be for next generation. Hopefully the game is not rushed by whoever is publishing it.

Its not 100% that it will be exclusive, but I can see it happening. I hope its not Fable, because I am not the biggest fan of the series.

Its actually weird if Microsoft is funding 2nd party studio to open new studio to make exclusive RPG game, while closing their RPG studio and cancelling Scalebound where they put a lot of money in.

Oh, that would be even better! :o The Witcher 3 is one of the best RPGs this generation IMO.

The rumor was by job listings and It said Lead environment artist for nextgen title similar to Horizon zero Dawn so it doesnt mean it will be horizon-esque game. Probably good looking colorful open world game? Also it says nextgen in the job listing as well so probably for next xbox.

Maybe it's Banjo Kazooie Nuts and Bolts 2? It is a racing game, after all, B&K is a returning MS IP, and Rare is too busy with Sea of Thieves.