Yes, Sly Cooper will be coming out fall 2011. A guy from Sucker Punch said "Sly Cooper 4 will be the best game of its series. The main character of this game will be Bentley and Murray and Sly. They will travel in time seeking his ancestor's."
Sly Cooper: Thieves in Time is the fourth title of the Sly Cooper series of video games. Thieves in Time is available on the PlayStation 3. In this game Sly does not in fact die, he does however go missing and is not found.