Despite having a loyal cult following, both the Might and Magic and Heroes of Might and Magic series have sadly faded away over the years. Thankfully, there is some light on the horizon as it looks like Ubisoft is interested in bringing the Might and Magic world back through a new AAA game!
Don't get too excited, however, as there is currently no information available about the game in question since it hasn't even been properly announced yet. That said, a listing on the Ubisoft website reveals that they are looking for people to join their Might & Magic AAA project, so a new game is clearly in development.
The one potential worry is that the Ubisoft Shangai team is looking to "reinvent one the biggest fantasy franchise in video game history," which could considered both good and bad news. On one hand it could mean that they're looking for ways to bring the old series into the modern era or perhaps even create something entirely new and unique, and on the other hand it could also mean that they're trying to transform it into some sort of live-service multiplayer thing.
Whatever the case may be, I'll make sure to let you know once the full announcement goes live. Until then, have fun speculating just what this new Might and Magic game might be all about!
[Update]: The good news doesn't end there as the Heroes of Might and Magic 3 inspired Songs of Conquest has now been pinned for a May 10, 2022 release date!