So I came across this very interesting letter to the fans of Hitman posted on the Hitman website.
http://hitman.com/open-letter-to-hitman-fans/?age-verified=2230a723d9
Things to take note of is that they mention that it will take place in several locations around the world during Agent 47's prime, so it looks like we are taking a step back in the 47 time line. Also says that the level's and environments will be huge, nonlinear and sandboxed; and that they will be the largest levels they have ever built with Hitman. All of this will be on the Glacier 2 engine.
Also something interesting is that they say 47 will no longer have his "magic pockets". I'm guessing they are going for realistic inventory system, which sounds pretty nice to me.