Ultima creator Richard Garriott, aka Lord British, is "open" to collaborating with Electronic Arts on a new Ultima game, but EA isn't "particularly interested" in it.
According to Garriott in an interview with Industry Gamers, "I hope that Ultima does survive forever, yet I also, of course, have my own very particular ideas for what Ultima can and should become over time and so we'll see if they do things quite the way I would do them... since I'm not there at the moment."
When asked if he'd spoken to EA about resurrecting the series, he answered that he had tried to convince the publisher, "We would be open to that. In fact, we've had some discussions at what I'll call very high levels, but the individuals who are currently shepherding the property don't seem to be particularly interested in that, so we'll see. Who knows? You never know what's going to happen in the future... the door is always open if they were ever interested."
The only Ultima project currently run by Electronic Arts is the ancient Ultima Online, while EA's last project was the canceled Ultima X: Odyssey MMO.