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Think realistically here. Activision are just sitting on Crash Bandicoot. They're never going to part with it, nor will they use it. Naughty Dog should still have the rights seeing as how it's pretty much the start of Naughty Dog. Sure there was that fighting game and Rings of Power, but Crash really was the start of it all. But, it's not in Naughty Dogs style to hang onto stuff like that and drag it on. All good things must come to an end and then they want to try something new. Naughty Dog want to keep moving forward.

 

Thus, Ape Escape is more likely, seeing as how Sony still owns the IP rights.