twitter is verified by Grant Kirkhope and others:
They want to make a Spiritual successor to banjo and kazooie. All the core team members are there. They are probably planning a kickstarter of some sort but it's not up yet.
Grant Kirkhope ( Composer for the Music of the series) and @Klungo (Level designer for Banjo-Tooie) are some of the people on board for this.
just a fyi if anyone likes banjo-kazooie.