As spotted from a now deleted job opening.
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EA Respawn seems to be working on a brand new IP. We aren't 100% sure on this one, but if a now deleted job listing is to be believed, they are doing exactly as we suggest in the headline.

The job opening in question was first spotted by VGC and has since been deleted. The listing did specifically mention that they were forming a small team in order to develop a "brand new IP." Details beyond this were in short supply. The job listing did reference "new, practical technologies to enable 'adventuring forever'."

Are they perhaps working on an endless runner title? Maybe.

As VGC continues on, EA Respawn has been a very successful studio for Electronic Arts. Apex Legends recently hit the 70 million player mark since its launch in February 2019. In addition to this, Star Wars Jedi: Fallen Order exceeded sales expectations and sold over 10 million units.

In 2020, EA suggested that Respawn would be put to work creating a sequel to Star Wars Jedi: Fallen Order though nothing has been confirmed. Given the success of the first game, this is probably the most obvious thing to work on short of more Apex Legends or even a proper Titanfall sequel.