Respawn Entertainment is currently working on a new IP, but it's a long ways away.
A new job listing confirms Respawn is working on a new IP at its Los Angeles studio. Not much is known about the project, but Respawn says its being made by a very, very small dev team in incubation phases--meaning pre-pre-production. Only five developers are working on the new IP, and Respawn is looking for a 6th, specifically a software coder.
From the sound of the job listing it's possible Respawn's new game will be online-based to deliver content over time. One of the core duties is to "Pioneer new ways to enable adventuring until the heat death of the universe." This could be a randomized type of experience, or a live game that expands with revolving updates to keep players active and busy.
What's interesting is that DICE LA, which is also being helmed by Vince Zampella, is working on a new IP. Zampella has said that the Respawn and DICE LA studio teams are entirely separate, so keep that in mind as these developments unfold.
Respawn is developing multiple new projects including Apex Legends content and Jedi Fallen Order 2.