The series has not seen a new game since the release of Midnight Club: Los Angeles Complete Edition which was released back in late 2009. It has been four years since the series' last release and I believe it's time for Rockstar to put down Grand Theft Auto and head back to their one and only "true" racing series.
There have been of course rumors and hoxes about the series return ever since Los Angeles was released. Though no official information has been reported, many do believe for a new game to be in development or at least in the plaining stage. It is also known by most of you that the series will most likely remain in the U.S. with the front runner for location being New York City as it is the only major city to not be featured in a Midnight Club game.
Stay tuned as new information will be released as I will bring it to you as soon as I hear about it!