This information comes from Skybound Games, the current publisher for Telltale's The Walking Dead games. They recently posted on Twitter, thanking fans for their enthusiasm while also clarifying their current plans:
"Thank you to the fans who have reached out in recent days! While we wholeheartedly appreciate your enthusiasm for Telltale's TWD, we currently have no plans for a Season 5."
This makes sense, given that the previous game, Season 4, was titled The Walking Dead: The Final Season. And with the entire franchise now exclusively available on the Epic Games Store, it's lost some of the community attention it once had.
Telltale's The Walking Dead has been through a great deal in its lifetime. The studio themselves went through mass layoffs and a worker's rights controversy before finally crumbling into collapse and canceling all their games, only to be revived the following year. Now the new Telltale is working on A Wolf Among Us 2, a sequel to the popular fairytale-themed narrative adventure game.
This also doesn't confirm that the franchise is dead, per se. Skybound has confirmed that another game is not in development. But like all businesses, they can be convinced to change their minds if people are willing to pay for it.
All the same, our sympathies going out to those hoping there would be more.
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