A senior producer in the Singapore department called the Skull & Bones project an AAAA game. This is a pirate action game that Ubisoft is positioning as a strategically important IP. According to the information from LinkedIn, over 350 specialists are working on the game. But Skull & Bones isn't the only next generation game.
In the profile of another developer, you can see Beyond Good & Evil 2, marked as an AAAA-class game. Also, the mention of AAAA projects is present on at least two more pages of developers from different departments of Ubisoft.
Official statements from Ubisoft have not yet been reported. It is noteworthy that Microsoft is also developing a new generation of games and is called such Forza Motorsport 5.