Tomb Raider developer Crystal Dynamics is reportedly working on a reboot of the Legacy of Kain series, and specifically on a re-tooled Soul Reaver, according to an anonymous source speaking to VG247. The rebooted game will apparently embrace a new art direction, but the details pretty much stop there.
There seem to be conflicting reports concerning when this potential reboot will be revealed. VG247 previously heard that the plan was for the initial looks to come in 2012, "possibly at E3," but the more recent source indicated that that may not be the case. Crystal Dynamics presumably has a big E3 ahead already, what with its Tomb Raider reboot ostensibly coming our way later on in 2012.
The Legacy of Kain series has been without a proper new release since 2003's not-terrible PS2/Xbox/PC game Legacy of Kain: Defiance. A reveal next year in 2013 would make it a solid decade since the previous Kain game, and a 2014 release would mark the 15-year anniversary since Soul Reaver's launch. Just saying. You can be sure that there will be more news from Crystal Dynamics at E3 2012.