It's still in early development, so details are a little slim at the moment, but the companies call it "the biggest video game in franchise history." It will be made for both PC and consoles and tell a new story in the universe that's being developed in "close collaboration" with Avatar Studios, the announcement notes.
It'll put players in the role of an "all-new, never-before-seen Avatar" and take place thousands of years in the past. According to Paramount and Saber, players "can expect to be immersed in a vibrant world, master all four elements, engage in dynamic combat alongside companions, and experience the challenges and decisions that come with being the keeper of balance in the world." It adds that, story-wise, it'll feature elements both new and familiar to fans of the franchise.
