Capcom has officially revealed that their new Resident Evil Game is in works which is titled "Resident Evil: Operation Raccoon City" which makes it obvious that the game will be set in Raccoon city. The game being developed by Slant 6 Games will be released on the PC, PS3 and Xbox 360 and here's the official statement by Capcom about the game:
Resident Evil: Operation Raccoon City is a "third person team based shooter" set inside Raccoon City amid the aftermath of a deadly virus outbreak
Player will take the role of a Umbrella Security Services soldier who'll be sent to Raccoon city to destroy any evidence of the outbreak and kill the remaining survivors. The best part is that the game will offer a Co-Op mode featuring upto 4 players playing at once and also several other Online Multiplayer Modes.
Expect the game to be released by Winter 2011.