Around 2010-2011, Ubisoft Montreal pitched a new game in the series called "Prince of Persia: Redemption" for the Xbox 360, PlayStation 3, and PC. A pitch trailer for the game was uploaded to YouTube in 2012 by an anonymous user and went largely unnoticed until 2020. Ubisoft has yet to state the reason why the game was cancelled.
Although Ubisoft now owns the rights to the "Prince of Persia" name, the original IP rights are still owned by Jordan Mechner, the developer of the first game. This means that should Ubisoft want to make a new "Prince of Persia" game, they must ask Jordan Mechner's for the right to do so.