The Worms maker revealed it's working on the new brand during today's PlayStation Open Day.
Team17 MD Debbie Bestwick unveiled the Steampunk-themed Flockers at the Sony event in Leamington Spa.
An official announcement from the studio is expected next week.
It follows the studio's admission last year that it hadn't created a new IP for over a decade and that it's an area the developer is now investing in.
The firm has moved to reposition itself as a digital publisher in recent months, but the firm will remain dedicated to development with the new project.
"This is the most important game we've worked on in over a decade," said Bestwick,
Read more on MCV sister's site Develop.