Ubisoft Montreal is reportedly developing a new Rainbow Six Vegas game under the codename Spades, according to Insider Gaming. The project is in early development and marks the first mainline Vegas entry since Rainbow Six Vegas 2 launched in 2008. Sources told Insider Gaming the game is "likely Vegas 3 rather than a remake" of an existing title. Ubisoft has not officially confirmed the project, and Insider Gaming expects an announcement could take several years.

The new Vegas game is one of three projects reportedly in production at Ubisoft Montreal. A second of those projects is also set in the Rainbow Six universe. Rainbow Six Siege, which launched in 2015, has served as the franchise's primary focus since Vegas 2. Ubisoft also announced Rainbow Six Tactics, a turn-based single-player spin-off from Ubisoft Paris scheduled for 2027.

Rainbow Six now operates under Vantage Studios, a Ubisoft subsidiary established last year that also manages Assassin's Creed and Far Cry. Tencent holds a 26.32 percent stake in Vantage Studios.