According to a rumor site called GameDreamZ, members of FASA and the Oni team have resurrected the project known as Phoenix, which was abandoned bu Bungie, retitled it Shadowrun, and will release it as a launch title for the Xbox 2, which is supposedly codenamed "Xenon".

Personally, I'm rather suspect of the story. Why FASA would take a game that Bungie didn't think was good enough to continue with and decide to release it is beyond me; and why Bungie would want it to happen also is rather inscrutable, as the end product would almost certainly end up reflecting on Bungie even if it isn't actually released by them. There are no links or citations in the article. It also seems to suggest that this game, which is a "reworked" version of Phoenix, is somehow linked to to the Shadowrun universe developed by FASA founder Jordan Weisman. Bungie's never developed any games based on other companies licenses, so perhaps what is happening here is that Phoenix's engine is being used to deliver Shadowrun content.

Thanks Louis Wu at HBO.