Source: FINAL FANTASY XVI announced for PS5 News
The user has also said in the past that the next GoW will not be a cross-gen game and that Horizon Forbidden West was initially a PS4 game. She also correctly claimed that Miles and Sackboy will be cross-gen games. According to Era, Navtra is pretty reliable.I believe we're getting two major SE reveals this June: A PS5 exclusive FF title, and a cross-gen Eidos title.
Also: Just to set expectations: It's something new. Not as high-end as FFXVI or Forespoken but certainly more significant than World of FF or a remaster. Conceptually, I think it might be up many people' alley.
It's an RPG.