Being crafted by a "small, but ambitious team", the studio is currently hiring for four positions to work on the project, including a Lead and Senior Technical Game Designer, a Senior Combat Designer, and a Senior Level Designer.
The job applications don't offer much in the way of details about the project, but they do suggest the team will have a lot of freedom, with the universe of the title being described as "unique", allowing for a lot of innovation.
So, what is the project. It could be Star Wars Jedi Fallen Order 2, but we would imagine that game has now entered full production and a sequel seems inevitable.
It could also be a new spinoff of Apex Legends, perhaps focusing on a single Legend, or maybe even a new Titanfall game, such as Titanfall 3. Although, the latter seems unlikely as Respawn has recently confirmed on a couple of people are working on it.
However, with how this project is described it seems more likely that this is a brand new IP entirely, likely within a unique universe, unlike anything Respawn has created before.
We probably won't see this project for a few years so once more development details are revealed we will be sure to let you know.