The new leak shares a lot of new information about the upcoming sequels of Life is Strange for Part 3 and 4.
According to ResetEra user Bing, Part 3 is being developed by Deck Nine who worked on LiS: Before the Storm. It is currently being developed on Unreal Engine 4 and not with the Unity game engine. It will have 5 episodes. There is a new name to it already, which is Life is Strange: True Colors, but the source shares that it is not 100 percent sure.
Part 3 will take place in the US, but not in the Pacific Northwest. This will be set in grounded, small-town setting just like the first game. According to the leak, the protagonist is an Asian-American woman by the name of Alex and her power is mind reading. She could determine the emotions of any character by just looking at the colors surrounding them, which is why it is named Life is Strange: True Colors.
This game was supposed to be announced last year, but with the global pandemic it was delayed.
Another information leaked was that the fourth title is going to be a direct sequel to the first game. It will feature the same protagonists like Max and Chloe. No other news was heard about it so it is possible it will be cancelled at some point.
The last piece of info leaked was that part 1 will be ported to the Nintendo Switch. No news on part 2 and Before the Storm, but it could be possible they are getting ported too. All of these new developments will be announced once part 3 is ready.
Also, an official ResetEra staff has verified the leak. He says that the leaker has shown them material that supports the claim of Life is Strange Part 3 and others.
Take this with a grain of salt for now since there is no official announcement yet.