Good news: Codemasters teasing a new Overlord game has not lead up to the announcement of a free-to-play mobile game where you build minion hives, harvest fungus, and farm sheep (any Overlord worth their salt steals sheepies, for one thing). Disappointing news: the newly-announced Overlord: Fellowship of Evil [official site] is not the proper Overlord sequel you might be hoping for. Descriptive news: it's a class-based, co-op-oriented action-RPG more about getting in and fighting yourself than leading armies of minions.
Here, come have a look in the first trailers:
Fellowship of Evil is a spin-off rather than a sequel, seeing four naughty people resurrected by chief minion Gnarl to defeat a plague of niceness that's infecting their hellish home. No, you certainly will not be sending squillions of minions rampaging all over the place. These four Netherghūls still have the help of 'minion champions' they can develop, but it's not Overlord Overlord. I be awfully disappointed if it turns out I can't have minions plunder daft treasures and wander around wearing pumpkin hats and brandishing rolling pins.
Still, they are committing to the world of Overlord by getting Gnarl's voice actor and series writer Rhianna Pratchett back in. The tone was always a fair part of the series' fun. However, actually getting in there and hitting things with swords and axes and zapspells yourself was one of Overlord's weakest points. I trust they'll surely start over from scratch with that.
And yes, it will support solo play too.
Overlord: Fellowship of Evil will cost £14.99/19,99€/$19.99 when it arrives later this year. Here's a trailer explaining more of the backstory and whatnot: