First reported in 2022, the project is now apparently in development at Eidos Montreal with a budget of less than $75 million.
Aspyr's controversial remaster has been delayed to an unknown date, and all pre-orders will receive a full refund in the meantime.
Amazon, which is publishing the next title in the series (reportedly a remake of the first game), had the trailer taken down.
The latest report clarifies how Eidos Montreal internally labels its projects, what it's currently working on and much more.
The December 11th show will feature the return of Lara Croft and a "look at the future of one of gaming's most iconic franchises."
The report also indicated that the studio has conceptualised 11 different projects since 2018's Shadow of the Tomb Raider.
Allegedly working on the project for a year, this came to an end when Kojima Productions wanted the developers to shift to Japan.
A report has noted that this reboot was only in development for a single year, and was coming along quite well before cancellation.
Confirmation of these lay-offs came courtesy of the studio's former gameplay director who made the announcement through social media.
The trailer gives us a look at the kinds of tools that players will have access to as they take on the role of Magpie in the VR-only title.
The remastered version of the seminal title will feature improved visuals as well as an overhauled UI that is more usable on controllers.
As Magpie, a thief raised on the streets, players undertake various heists, sneaking through shadows and uncovering a mysterious artifact.
However, some allegedly believe the concept, despite its "charm and novelty," is "too niche" or not worth the financial risk.
The studio said in its statement that the layoffs were being made because it could not reallocate the employees to other departments.
It was first reported in 2022 that the Deus Ex studio had been brought on board the project to provide development support.
Announced in 2020, Playground Games' open-world action RPG has seen sporadic updates and departures but still no release date.
Eidos Montreal's latest major title in the acclaimed immersive sim series is available to claim for free on the storefront until March 21st.
"The global economic context, challenges of our industry and Embracer's comprehensive restructuring have finally impacted our studio," the developer says.
Reports indicate the project was to enter production this year. Eidos Montreal will allegedly see layoffs and work on an original franchise.
Eidos Montreal's critically acclaimed but financially underwhelming action-adventure is free to claim for PC until January 10th.
