I'm thinking either Golden Axe or Shinobi will be rebooted next. We've heard that Sega has plans for a whole cinematic universe since the Sonic movie was a success, with Sega already having announced tv shows or movies for Shinobi, Golden Axe, Streets of Rage, Altered Beast, Crazy Taxi, and Virtua Fighter back in 2016. I could see MS trying to time the release of a new Golden Axe or Shinobi game around the release of the tv show or movie for them. 

"Stories International has partnered with Circle of Confusion to produce adaptations of Sega’s video games “Altered Beast” and “Streets of Rage” for film and television. Stories is producing film and television projects based on Sega game franchises, including “Shinobi” with Marc Platt, “Golden Axe,” “Virtua Fighter,” “The House of the Dead,” and “Crazy Taxi.” It said Monday that it is in the process of partnering with major studios, producers, and filmmakers to co-develop adaptations of these properties as English-language feature films and television series for worldwide release."

https://variety.com/2016/film/asia/altered-beast-streets-of-rage-sega-movies-shows-1201933661/

Rumor is that Sonic was a test run, Paramount was waiting to see how successful it was before they greenlit more Sega movie adaptations. It was even hinted at with the Sega opening logo in the Sonic movie:

Considering that Sonic was profitable in spite of coronavirus theater closings cutting it's legs short, it's a pretty safe bet now that Paramount will greenlight more Sega projects. We're not sure what Sega franchise will be adapted next, possibly Streets of Rage since the new game has been pretty successful so far.