According to Dread Central, Screen Gems is developing a fifth installment of the "Underworld" series. At the moment there are no plot details, but the title so far is, "Underworld: Next Generation." The title implies that the film could be about Selene's (main character of the series) daughter Eve. Though that is just speculation at the moment, and nothing is set in stone.
Len Wiseman is slated as the producer, and the studio is currently seeking a writer and director. It's unknown at the moment about the cast and if Kate Beckinsale is going to be connected to the project. As the project gets farther in the works, the audience will know more about the cast.
Two years ago was when the last "Underworld" film was released. The fourth film was called "Underworld: Awakenings." The cult film series about vampires versus werewolves all first started back in 2003.