Gavin Price, Principal Designer at Rare Ltd./Microsoft Game Studios, is working on an "as yet unannounced project" from January 2009 until present.
Perhaps this will debut at Comic-Con International this year, which is set to run from July 23-26, 2009. To quote:
Rare Ltd. / Microsoft Game Studios
(Privately Held; Computer Games industry)
January 2009 - Present (7 months)
Following a reshuffle at Rare, I've taken on further responsibility in a new principal designer role on a very exciting new project.
Price also worked on Banjo-Kazooie: Nuts & Bolts. So it's unlikely it's a brand new title in that franchise.
Could we finally see the re-emergence of Perfect Dark? Or even Killer Instinct? Maybe even Kameo? How about Jet Force Gemini? Meanwhile, we pray Grabbed by the Ghoulies 2 most definitely doesn't happen.
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