So your asking yourself when SEGA announced a new Toejam and Earl, considering they published all three previous titles. The answer, they aren’t. SEGA actually doesn’t own the IP to Toejam and Earl. While we know very little on the new title, including who is publishing it, we do know its happening. Posted a few days ago on the official Toejam & Earl Facebook page:
Greetings from Funkotron! We haven’t been posting as often lately because we’ve gotten really busy with the new TJ&E game. We will be making some announcements in a probably 3 or 4 weeks, when we have something we can show, and will be able to share lots of information with you.
Personally I wouldn’t be surprised if we see some sort of crowd funding happening. Greg Johnson (designer and IP holder for the series) also posted the following concept art sketches. When the game is announced, the developer will most likely be HumaNature Studios (HNS), a indie studio being headed by Greg Johnson himself.