Resident Evil Village (Stylised as "VII.I.age") is due for release in April 2021. At the time of writing, an official release date has not been officially announced, the current known release date is based on a leak. It is due for release on the next-generation of consoles (PlayStation 5 and Xbox Series X) as well as on PC via the Steam platform. It hasn't been confirmed if the game will be released on the (now current) generation (PlayStation 4, Xbox One), but we know that it has been at least considered, and would be technically possible. So it would be entirely a business decision by Capcom. However, the game has been stated to have no load times - a feature which would not be possible on the older consoles... so Capcom may not want their game to be made a poorer experience with added loading times.
Production of the game began around the time Resident Evil 7: Biohazard was released (2017), and the game is intended to be a direct sequel to 7 - and a particular challenge the developers set themselves was to attempt to create a scary atmosphere in the daytime as well as at night. As Village is a continuation of the previous game, it retains same main characters - Ethan and Mia Winters, it also continues with the first-person camera and similar inventory management - also the game engine is the same. PlayStation VR support has not been confirmed, but it's likely. Capcom Division 1 worked on this game parallel to the development and release of the Resident Evil 2 and 3 Remakes - Division 1 is the main team responsible for all of the key Resident Evil and Devil May Cry games.
The story of the game has not been revealed (and won't be until it's been released) - but what we do know is the game takes place in and around a village under heavy snow in the winter, and it will feature a wide array of different characters throughout the story including an older Chris Redfield who apparently reveals himself as an antagonist (although we fully expect a twist there!) In terms of enemies, there doesn't appear to be any traditional zombies but what has been shown is a werewolf-like monster which could mean a new type of virus or parasite - although witchcraft and the occult have also been featured in trailers so it could be something else entirely. The original incarnation of Umbrella is also expected to make a return in the game as the logo has been featured in media. At current the Umbrella that exists in the game universe is called Blue Umbrella, and is a 'good' company in comparison to the defunct 'Red' Umbrella.
It's also not clear if the game features a full-open world (unlikely) but at the very least the game seems like it could be more open-ended with exploration and a journal system. The game is expected to be the longest Resident Evil title.
So far 2 trailers have been released, as well as a handful of development updates.
More details to come as they become known. Also if any corrections need to be made, it'll be marked below.