FromSoftware has a new game in its "final stages"

gamesradar.com:

With Elden Ring still less than a year old, FromSoftware already has a new game in its "final stages."

That's according to FromSoftware president and Elden Ring director Hidetaka Miyazaki, who discussed the studio's pipeline in a new interview with Japanese site 4Gamer (opens in new tab). The interviewer notes that Elden Ring was developed in parallel with another unannounced project, and Miyazaki confirms that the development of this mystery game is now "in the final stages" (per a machine translation of the Japanese quotes). 

Of course, even the final stages of game development can be quite time-consuming, so it's unclear when this mystery game will arrive, nor do we know what exactly it is. That said, persistent rumors and leaks, including plenty of screenshots, indicate FromSoftware is not only making a new Armored Core game but is pretty far along with it, making it the prime suspect for this mystery slot. 

However, there's every chance FromSoftware has something entirely unknown in store. A recent post from FromSoftware mentioned work on "multiple new projects," and Miyazaki himself is already leading a new game as director. 

To sum up, FromSoftware had another game in development alongside Elden Ring, and that game is nearing completion. But Miyazaki's new project is believed to be separate from this mystery game and also relatively fresh, as he likely wouldn't have had the bandwidth to direct Elden Ring, FromSoftware's biggest game ever, and something else. This would mean that the aforementioned mystery game was directed by someone else, which would make sense if it is indeed an Armored Core revival. 

We can only read so much between the lines, but this gives us a speculative outline of two of FromSoftware's