According to Cory Barlog, the Creative Director at Sony's Santa Monica Studio, there is a new installment of the God of War franchise currently in development. During a presentation at Sony's PlayStation Experience event earlier today highlighting new gameplay footage of The Order: 1886 the announcement was made.
After the event Santa Monica Studio confirmed that the statement by Barlog was true that fans of the franchise can celebrate the return of Kratos. Strangely enough according to IGN the Santa Monica Studio representatives at the event would not confirm whether or not Kratos would be returning in the upcoming title. Cory Barlog said in an interview after the event that the next God of War game is still in very early development with new information being at least a year or two away. It has not been confirmed as of yet which consoles will be targeted for the new title as this may be the first next gen God of War game published. God of War: Ascension, released in March of 2013 for the PlayStation 3, was the last title in the franchise. IGN approached Sony's Scott Rohde during PlayStation Experience for comments on the new title. Rohde claims that the next game will not be a prequel to the existing titles but it could possibly reboot the series. The announcement is good news for PlayStation owners and Sony as the console has only had limited number of exclusives. The God of War franchise has been a long time exclusive for Sony consoles.
Amusingly enough David Jaffe leaked the announcement all the way back in November on Twitter but it was not until the PlayStation Experience presentation by Barlog that Santa Monica Studio officially confirmed this information.