"prequel trilogy" as the "likely scenario".
Epic is developing DLC for Gears of War 3 right now, which includes a prequel visit as Locus boss General RAAM. People Can Fly created Bulletstorm but it had lacklustre sales.
Would Epic Games hand-over their major triple A meal ticket IP to the newly acquired People Can Fly? Gears of War 3 released in September exclusive to Xbox 360 to high praise.