Red Faction 5 (un-confirmed title) is an upcoming game and to be the fifth installment of the franchise. Considering the story is probably going to be continuing on Darius Mason after the events of Red Faction: Armageddon.
It is possible that the next title will be released to PS4, Xbox One and Windows along with last gen consoles.
In April 2013, an Swedish computer gaming publisher called Nordic Games had purchased the IP for Red Faction (MX vs ATV and Darksiders) from the bankrupt THQ and so they may carry on the series at some point. Future installments will not be developed by Volition anymore. After its purchase, Nordic Games CEO Lars Wingefors stated they either wanted to work with the original creators or best possible developer to work on sequels or additional content. After hearing of the Red Faction IP purchased by Nordic Games, Volition's general manager Dan Cermak expressed much relief that Red Faction is comfortable hands but has stated Volition will no longer continue the Red Faction series.