Since the release of South Park: Complete and Broken in 2017, there has been little news of a sequel to the series, and it was revealed last year that the progress of the development is unknown. But the latest news shows that the new South Park game is being created by a group of former developers of the Resident Evil series.
Developer Quest recently updated its job postings, revealing in a description of the position "Level Designer" that the studio is currently working on an untitled project, a "new game set in South Park World," developed using Unreal Engine and featuring a multiplayer mode.
The job posting also mentions that the project is made up of "former AAA developers whose past works include: BioShock, BioShock 2, BioShock: Infinity, Shame, etc."
Judging from the fact that the developer is still recruiting level designers, the new South Park game seems to be in the early stages of development.