The new game will be a direct sequel to the first two games.
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Return to Monkey Island was officially announced this week. It will be a sequel, due out in 2022, from the original writer and director of the series, Ron Gilbert.

Return to Monkey Island will be a direct follow-up to the first two games - The Secret of Monkey Island and Monkey Island 2: LeChuck's Revenge. The new game will be published by Devolver Digital alongside a collaboration with Lucasfilm Games.

The series' original co-writer Dave Grossman returns. He will be joined by LucasArts composers Michael Land, Michael McConnell, and Clint Bajakian. The other co-creator for the series, Tim Schafer, is not attached to the project.

Gilbert mentioned on Twitter that his studio, Terrible Toybox, has been working on the game for two years now "in complete secrecy."

The only details we have about the game come from a short teaser trailer that was also just released. There may have been some additional clues teased way back in 2013 when Gilbert published a blog post talking about his ideas for a new game in the series. In it, Gilbert says that it would be a "retro game that harkened back to Monkey Island 1 and 2." The sequel he was thinking of would ignore the events in the other games that followed.