It appears the game is titled Game 4, though this is probably subject to change, and will be available to play this year at PAX Prime 2014. With a trailer released and not much else, it is very likely that we will be able to expect the same lewd humor prior the predecessor games. For the premise, a planet, a giant bear, a crash and the same crazy narrator from all of The Behemoth games.
In case you missed it, last month BattleBlock Theater was free for Xbox Gold members on the Xbox 360. The game also released on Steam on May 15th.
Source: The Behemoth