So you believe Larian bought or got temporary through a contract rights to make another Ultima game?
If yes, I say no. EA would bless such thing only if it's another Ultima Online and for all I know, Larian doesn't care about MMOs.
And also… Don't forget:
https://www.youtube.com/watch?v=-aRYe5ixXLk
I'm hoping EA have sold them the IP outright. They did allow InXile to re-release the original Bards Tale and Wasteland with no strings attached.