The short answer is yes, there will be a Mass Effect 4 which is currently under development. The long answer is still yes, but there is very little information about this title for now, however, this is what we know so far.
Initially, the announcement of a 4th Mass Effect was made back in November 2020 by then-Vice President Casey Hudson. Since then, there haven’t been many updates besides the official teasers on every N7 day, and also a short mention on their official blog, back in 2022, where they stated that the new chapter of Mass Effect is still under development but they can’t say more just yet.
If we keep into consideration that part of the Mass Effect team is brought over to assist with the development of Dragon Age: Dreadwolf, then we can estimate that this will further prolong the release of the new chapter of Mass Effect.
Additionally, one of the most recent updates, which is not 100% confirmed yet, is that Bioware will not follow the same route as with Andromeda in terms of world creation, meaning Mass Effect 4 will not have an open world but it will return to its roots with a more linear world environment, just like the first 3 instalments of the game.
There have been speculations and rumours around this title, such as whether or not Shepard will be in it, but we can’t know for sure if our favourite commander of the Citadel will make her appearance. However, in this trailer we can see what seems to be Liara, so there is hope. All we have to do is wait.