According to a source that spoke with NowGamer the game is progressing through the normal development routine and will have some of the same minds behind it. Harvey Smith leading the project. Smith was one of the creative directors on the first Dishonored so we have hopes that the new version will keep to the same standards.
Another interesting twist is that Covo might not be the main character. Instead you may take on the role of Emily Kaldwin, the child that Covo rescued in the first game. This would put the game in a much different time frame than the first and give the developers the freedom to change the game world and also bring in both new and old villains and allies.
The game may also have a much larger world to move around in. After all in the first game four islands were referenced (Gristol (where Dunwall is located), Tyvia, Morley and Serkonos), but only Gristol is visited. You might dive into these areas in Dishonored 2 which brings in even more freedom to shape the world you play in. There is also the leaked title of Dishonored 2: Darkness of Tyvia that seems to suggest that you might not stay in Dunwall.
As with all rumors and leaks we do ask that you take the details here with a grain of salt. Dishonored 2 might be in the development phase, but many things can change during this process. We could end up with an entirely different game than what these leaks suggest. After it failed to show up at E3 2014 as a previous leak suggested it would we can only assume that the game might not be as far along was we all would like.
Personally I just hope that the developers do not just try to make the same game (a magical plague) just set in a different time and place. That would kill the franchise and ruin what was a great game idea and tribute to games like SystemShock and Thief. Until some real information comes out of Arkane or Bethesda we all will have to wait… with fingers crossed.
In the meantime if you really need a Dishonored fix you can check out the Dishonored inspired Mod that DecryptedTech's resident modder Shane McAnally built for Quake Con 2014.
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