His director is open to the idea
Apparently, the director of God of War Ragnarok wants the beloved franchise to continue , so it's not just possible that we'll see a new chapter in the future, but it's probably possible. In particular, Eric Williams, along with Cory Barlog and other key members of the Santa Monica Studio gave a full interview to the Los Angeles Times , on the occasion of the release of Ragnarok, which completes the Norse saga of the story.
In this context, therefore, the executives of the studio briefly mentioned what the future holds. Without divulging much, Barlog emphasized that Santa Monica Studio is currently "engaged in a lot of different things" and declined to elaborate when pressed by the outlet.
However, God of War seems to have a future, since complementing Barlog's statements, Williams added that if the team decides to fully commit to the God of War franchise, that is not a "shame".
I remember talking to someone from another game company who was trying to talk me out of it. He said to me, "Do you want to be known as the guy who makes God of War for the rest of his life?" That was his big argument to dissuade me and in the end it didn't work, because yes, I kind of want it.
For the record, in addition to God of War, the team has previously published and helped with various indie titles, such as the award-winning Journey and Bound. In fact, there was information that before he finally tackled the God of War reboot that arrived in 2018, he was working on a sci-fi project that was canceled. Whether he is now preparing a new IP or a new God of War or maybe both, we cannot know.