A new report from GamesBeat Reporter Jeff Grubb suggests that the new Dead Space will be a mix of a reboot and a remake.
Grubb reported that developer Motive will be the one to work on the new Dead Space game. His sources confirmed that this will be a reboot of the franchise with a full-fledged remake.
This upcoming new game will be using the original game as basis for its gameplay and story while they add in the updated visuals and the gameplay elements from the sequels, DS2 and DS3. The story will be enhanced even further to make it different from the original, but will still be somewhat faithful to it in terms of narration.
Grubb thinks that Motive is taking notes from the Resident Evil Remakes, particularly RE2 Remake. It has become a major success after it was released a while ago and possibly has inspired the developers from Motive to do the same thing with Dead Space.
No details yet when the Dead Space Remake will be launched, but it could possibly be announced or at least teased this coming EA Play.