The next Metro game, which is expected to debut in 2024, may potentially be announced later this year, according to Insider Gaming. It is based on IG's sources and the timeline for Exodus' reveal to release. There aren't many specifics yet regarding the sequel's content, but it's expected to play similarly to the first three Metro games in terms of stealth, resource management, crafting, etc.
A post from 4A themselves from back in 2020 informed us that a new Metro game was in the works. By completely overhauling their engine and renderer to take use of the additional power, storage, and hardware supported ray tracing given by the new consoles, they state that the next title is being produced for Gen 9 consoles and PC.
Again, there aren't many specifics to go on since 2020, but 4A Games claimed in the same article that it is "dedicated to providing a strong story-driven single-player experience."
We go outside of Moscow and across the country of Russia in Metro Exodus, which takes set in 2035, one year after Last Light. The train we use is named the Aurora. More of this world is revealed when we visit The Volga, The Taiga, and ultimately The Dead City than has ever been the case in a video game. There are only three novels by the same name—2033, 2034, and 2035—on which the Metro series is based.
Now that we're fully caught up, the games will begin to expand into other areas, and a film adaptation is reportedly in the works, but it was postponed until 2022.
Check back here for more updates as they unfold on the new Metro Game.
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(Sources - Steam, 4AGames, InsiderGaming, IGN)