A group of dedicated fan to the series are actively working on a fan game called TimeSplitters: Rewind. What is absolutely great about this game is that it has been approved by CryTek and they are allowed to use actual assets from TimeSplitters game.
Their game will mainly focus on the popular multiplayer and it will be done using the CryEngine 3. Project manager Michael Hubicka stated that a demo should be available during the holidays. “The demo will be more or less a beta,” Hubicka told Cooking with Grenades. “We plan to release patches to fix glitches/bugs/exploits/performance issues and Content Updates to add maps and characters.”
The game will be absolutely free and they are doing their best to recreate the best multiplayer components within CryEngine 3. New modes are also in the works but their inclusing in the game is not sure yet.