Shadow of the Eternals, a proposed 12-episode game, will use CryENGINE 3 and is slated for a 2014 release.
Shadow of the Eternals, the spiritual successor to Eternal Darkness, has now been officially revealed. From Precursor Games, it is an episodic Wii U/PC title, using CryENGINE 3, seeking $1.5 million for its first episode, due out in Q3 2014. Through other sources, we can confirm that this project originally started as the Eternal Darkness 2 demo that Silicon Knights was rumored to have been showing to publishers.
Precursor Games is a small Canadian developer made up of former Silicon Knights staffers, including Denis Dyack. They formed in July 2012, which was around the time Silicon Knights collapsed.
You can check the official site for more details about donating and the available rewards. It is worth nothing that the project's Terms of Use doesn't offer any kind of return on your donation if the project isn't funded. However, Precursor Games notes that they are looking to make this game however they can even if the goal isn't met.
A gameplay demo is up on IGN if you're curious to see what the game looks like in action.