Apparently. This is reported to be a pseudo UE5 port (think Oblivion Remastered (💀)) and will be available on PlayStation. The core of the game will apparently be derived from Halo Reach’s iteration of Blam engine. The “technical details” are all just rumours and you’ve every right to disregard, though the entry coming to PS5 is more or less acknowledged.

I don’t believed a multiplayer compoment for this is planned.