Are they making a new def jam?

As of my last knowledge update in October 2023, there hasn't been an official announcement regarding a new Def Jam game. However, interest in reviving classic franchises often sparks speculation within the gaming community. Fans of the series continue to hope for a new installment, especially given the popularity of hip-hop culture. For the most current updates, it's best to check the latest news from game developers or official announcements.