http://www.shacknews.com/article/75984/banjo-kazooie-spiritual-successor-being-pitched-by-ex-rare-devs
I really hope this happens. I fucking loved The N64 Banjo games. And, they might not need Microsoft or Rare's permission to make it since it won't be an actual Banjo game (they said it would have a lot of the same humor and gameplay).
And yes, I'm aware this is 3 month old news, but there wasn't a topic about it.