The lights are on
Ostensibly the "fourth game" of the Sly Cooper franchise, the previous games being Sly Cooper and the Thievius Raccoonus, Sly 2: Band of Thieves, and Sly 3: Honor Amongst Thieves.
Thieves in Time will follow Sly and his band of misfits,
throughout various periods in time after discovering pages of the
Thievius Raccoonus are vanishing! The crew are heading on an epic
adventure to catch the culprit messing with the Cooper lineage
Sly Cooper: Thieves in Time, commonly referred to as Sly 4, is an upcoming installment of the Sly Cooper series that will be released on February 5th, 2013 (North America), on PlayStation 3 and PlayStation Vita, as well as PlayStation Network. A teaser trailer was revealed in The Sly Collection after completing all three games, and an official trailer was announced and shown at E3 2011.
The game was officially announced on June 6th at the Sony Press Conference at E3 2011 and was accompanied by a pre-rendered, non gameplay teaser trailer. Unlike the previous Sly games, this game is being developed by Sanzaru Games rather than by Sucker Punch Productions. All of the three main voice actors will reprise their roles for the game (Sly, Bentley and Murray).
It has also been confirmed that the music composer of the second and third games, Peter McConnell, will reprise his role. Thieves in Time will also feature cross-play between the PS3 and the Vita; meaning that one can save their game on the PS3 and continue it on the Vita, and vice-versa.
Sly Cooper: Thieves in Time will be one of the games available in Sony's new "Cross-Buy" feature, where if one buys the PlayStation 3 version, the PlayStation Vita version will be available for download at no extra cost
After the events of Sly 3: Honor Among Thieves, Bentley, the current keeper of the Thievius Raccoonus, sees that the pages of the book are changing and disappearing.
have been confirmed to make their re-appearance in this game; however,
the rewards in the safes will apply to all characters, not just Sly. Treasures
are also returning from Sly 2, and they are displayed on a new treasure
wall in the Safe House. Collecting all of them all will unlock a
Secret Sly Masks are a brand new collectible. It is a Cooper insignia spinning and jumping (similar to Lives from Sly Cooper and the Thievius Raccoonus).
There are sixty total masks to be found in the entire game, and every
five masks collected will give players a reward, similar to the mechanic
found in Jak II and Jak 3.
The main character of the series. In this game he has both a red
backpack and a brown legpack. He's older, tougher, and more mature. He
also has small cosmetic changes and additions, such as a goatee.
Bentley returns as a playable character. He is the creator of the
Time Machine. It has been confirmed that he is both in his attire from
Sly 2: Band of Thieves and is still in a wheelchair.
returns as a playable character. He was in the pro-racing circuit, but
switched to demolition derby (due to his high insurance premiums), using
the Cooper Van.
Mat Kraemer has confirmed that there will be racing mini-games, of
which Murray will be starring. Murray now has a bright yellow racing
stripe on the back of his mask, and he has been "buffed up" to help
players get a sense of his enormous strength. He will also be more
mature than in previous games.
Carmelita is confirmed to return in the game; first by her reveal of
character art, and then by a gameplay video of her. Her mechanics have
been improved, as her pistol can now "lock on" to a specific target.
Once the player beats the game, Carmelita will become a fully playable
character, complete with her own storyline. 
Dimitri is shown to be in contact with Bentley through a gem-powered
radio. Dimitri was shown to have a silver cane similar to Sly's in the
E3 2011 reveal, but it is unknown if he will be playable in the game.
Penelope seems to be an important part of the game, as she disappears
suspiciously before the words of the Thievius Raccoonus disappear.
A smoking, ruthless, tiger dictator that acts as a boss in the game.
He thinks highly of himself, as shown by the 1000 foot statue that he
built of himself. He has fire and lightning powers
It is unknown who this villain really is, but he was the one who
trapped Sir Galleth in the circus Sly rescues him from in Juggling Act
It is unknown what role Clockwerk plays in Thieves in Time, but a mention of his existence was shown on the Dragon Claw Statue;
scratched into the bottom were the words "Clockwerk Was Here". Glen
Egan stated in an interview that he wouldn't be surprised if Clockwerk
had something to do with the plot
Two pieces of artwork that were released show a reptilian/amphibian
character known as the "Collector". The Comic Con trailer showed him
taking the "world" from El Jefe, suggesting that he is El Jefe's
employer. It is also inferred that he might be the main villain in
Thieves in Time
An elephant whose appearance in the game was confirmed by an image. It is unknown what her role is in the game
As with Ms. Decibel, a piece of generated artwork confirms him. It is unknown what his role is in the game