Shadow of the Eternals, a proposed 12-episode game, will use CryENGINE 3 and is slated for a 2014 release.
Shadow of the Eternals, the spiritual successor to Eternal Darkness, has now been officially revealed. From Precursor Games, it is an episodic Wii U/PC title, using CryENGINE 3, seeking $1.5 million for its first episode, due out in Q3 2014. Through other sources, we can confirm that this project originally started as the Eternal Darkness 2 demo that Silicon Knights was rumored to have been showing to publishers.
Precursor Games is a small Canadian developer made up of former Silicon Knights staffers, including Denis Dyack. They formed in July 2012, which was around the time Silicon Knights collapsed.
A gameplay demo is up on IGN if you're curious to see what the game looks like in action.