Ultima Online was released in 1997. Already in 1999 a sequel was announced, called first Ultima Online 2, then renamed Ultima World Online: Origins; it was cancelled in 2001. Then the Ultima X: Odyssey MMORPG was announced, but also got cancelled before release in 2004.
There are currently rumors about EA having a "secret project" for another Ultima Online sequel. Which would be the third. I wouldn't get up my hopes too high. This is not likely to be a real MMORPG or in any way a spiritual successor to Ultima Online. We are more likely to just get a cheap knockoff Facebook game further exploiting the Ultima brand, after the already shameful Lords of Ultima Free2Play browser strategy game.