A recent job posting suggests the lead studio on Splinter Cell: Blacklist is working on a brand new AAA IP.
A member of the studio tweeted out a job posting calling for a senior game designer with AAA experience to work on a "new IP."
A similar posting on Ubisoft's website lists the Toronto studio as being "on a collective mission to create what’s next in AAA games." Currently, no other details are known at this time.
Although we don't know anything about Ubisoft Toronto's latest project, Ubisoft as a publisher has announced and is preparing to launch a handful of new IPs, including 2016's The Division and For Honor. Ubisoft Toronto's past credits include the aforementioned Tom Clancy's Splinter Cell: Blacklist, Assassin's Creed: Unity, and Far Cry 4, although it should be noted the latter two were created in conjunction with Ubisoft's Montreal studio.
Read IGN's Splinter Cell: Blacklist review to learn more about being very, very sneaky.