And, while Forza will again appear only on the XBOX - and Gran Turismo 6 will stay a Sony exclusive - this new title will continue its cross-platform availability.
Dubbed Need For Speed Rivals, the new title is set in the fictional Redview County, offering players a sprawling 'open world' environment to tear up.
Rivals will allow players to hunt or be hunted, offering the option of playing as a street racer or as a police officer.
The game will also allow players to switch "seamlessly" between single-player and co-operative online play, appearing and disappearing from the multiplayer world at will.
The new 'AllDrive' approach means that players will be able to carry out their own individual missions, while crossing paths with friends and strangers working towards their own goals.
“You can be in Australia, you boot it up, you’re playing the game alone, you’re going through the single-player progression, playing through the premise, and then I join the game," Ghost Games' Marcus Nilsson told IGN.com this week.
"We’re friends, you and me, so I’ll automatically be put into your world. I can still be playing my single-player progression, through my premise, but at any time – obviously, we’re in same world – our worlds can meet.
Teased in a short video released today, the game will also feature Ferrari's new F12 Berlinetta, thanks to a specific partnership with the Italian marque.
Rivals is set to launch on XBOX One later this year, and PS4 in the new year.