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Crytek still holds the rights to it and they do not seem particularly interested in the franchise.
TimeSplitters Rewind is the best bet for a "new" TimeSplitters game going forward, which essentially is just a collection of the first three games multiplayer maps and modes and if possible the story campaigns as well.
That is if the damn thing ever comes out lol

The original studio behind TimeSplitters is still fairly intact, now known as Dambuster studios.
It likely doesn't consist of every member from the original Free Radical Design/Crytek UK team, but my understanding of it is that a lot of the developers went there