Hot off the heels of Fallout 3, Bethesda contracted Obsidian Entertainment to make Fallout: New Vegas. Fallout: New Vegas critical reception at the time was a bit less than Fallout 3's, but the game has enjoyed increased popularity in hindsight, with many fans calling for a sequel. No Fallout: New Vegas sequel has been announced at the time of this writing, but a reputable insider claims that early talks have started.
According to insider Jeff Grubb, there are talks at Microsoft to give Obsidian Entertainment the chance to make Fallout: New Vegas 2. This is possible thanks to Microsoft's acquisition of Bethesda, giving control of the Fallout IP to Xbox. Grubb's sources said that «there's a lot of interest to make it happen,» though if Fallout: New Vegas 2 does get off the ground, fans likely won't see it for years.
Leaker Suggests Fallout: New Vegas 2 is in the Works
As far as the Fallout franchise goes, there hasn't been a new entry since 2018's Fallout 76. Moving away from a traditional single-player experience to a live service multiplayer game burned a lot of fans, leading to Fallout 76 getting scathing reviews from critics. Bethesda has worked to improve the Fallout 76 experience since then by addressing fan feedback and adding substantial new content, putting the game in a much better state than it was at launch.
Bethesda itself is likely too busy to make Fallout: New Vegas 2, so it makes sense for Microsoft to let Obsidian Entertainment work on it. Bethesda is working on open world sci-fi RPG Starfield at the moment with plans to release it on November 11, and it's going to focus on The Elder Scrolls 6 next. Obsidian has plenty of its own projects in the works as well, like the survival game Grounded and Elder
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