Atlus has recently teased it is planning to announce a new game after releasing two upcoming Persona titles.
In the recent Famitsu New Year announcements, Atlus is planning to announce a new game after the launch of Persona 3 Portable and Persona 4 Golden on modern platforms. For those who did not know, these two games will be released on January 19, 2023, so it is possible this new announcement will happen after that.
Unfortunately, the post on Famitsu has not been clear on the specifics since it is just a tease. All we know is that it is going to be a whole new game and is not a part of any existing IP that Atlus owns. It promises to be a completely different title without any attachments to Shin Megami Tensei or Persona.
Since this is Atlus already announcing, we can trust that this will be a whole new title. It might slightly borrow small elements from the Shin Megami lore, but the whole story and possibly gameplay mechanics would be a whole different thing.