I think it's more likely they'd come out with a TTRPG adaptation of the new IP. Star Frontiers is a totally forgotten/unknown IP outside the nerdiest of nerds (soz everyone including me).
Whereas the new IP, if the game is good/popular, will have an audience of millions who've played it, and tens of millions who are aware of it through advertising, reviews, people talking about the game, etc. And yes they are explicitly trying to make an ME spiritual successor - many of them worked on ME and they have the writer people (somewhat inaccurately, but that doesn't matter) think is responsible for a lot of the best stuff in ME.
But that game is a VERY long way out. Why do I say that? Because you can go to Archetype Entertainment's LinkedIn, and see that they still only have 66 employees, and are hiring a bunch of employees. And the positions they're hiring for are the kinds of positions you'd hire if you were about to go from pre-production into actual production. Which is good, because I thought the game was dead, but with a bunch of positions being looked for in the last month, it probably isn't, but also means, even assuming they get and onboard say, 100 more people (really the minimum they'd need to add to make an AAA CRPG which is their stated goal) pretty quickly, we're probably looking at 3-5 years of development before the game actually releases. So towards the end of this current console generation (or at least around the "Playstation 5 Pro" and so on).