They leak on the net some Rayman 4 source code files, a prototype never actually completed as apparently canceled by Ubisoft for reasons never clarified. The game never came out but now we can reconstruct part of its history.
The build in question seems to be in an absolutely preliminary state of development but allows you to discover interesting details such as the 3D nature of the game (thus taking up the style of Rayman 2 The Great Escape e Rayman 3 Hoodlum Havoc)some screens show Rayman intent on riding monsters, the presence of a level called Sphincter Cell (pun with the title Splinter Cell) is signaled, and a file shows the assets of Rayman’s girlfriend.
What happened to this project? We don’t know exactly, but Ubisoft certainly chose not to continue down the road of the 3D platformer and in the early 10s relaunched its mascot with Rayman Origins e Rayman Legends. Since then, however, Rayman has been relegated only to minor games for smartphones and tablets (think of Rayman Mini for Apple Arcade) while there seems to be no news on the horizon for a reboot or a new regular chapter of the saga for PCs and home consoles.