The following is a blurb that's said to come from the SpyroForum website...

Michael Graham and Chris Wilson wanted us on the next Spyro game, but unfortunately, the decision for hiring a composer was made by another department at Activision and the new producers of the title. Sooo...it's not gonna be us. At least, as far as we're aware. But thank you for writing, we really appreciate it. - Rebecca Kneubuhl and Gabriell Mann, composers

It's not a big surprise to see another Spyro game in the works. We keep hearing about that feature film that is going to be made, and I'm sure a game could tie into that well. Thanks to Tim-Lord for the heads up!