Capcom have announced that Devil May Cry 5 is coming on 08 March 2018 during Microsoft's Inside Xbox show at Gamescom 2018. The game will be released simultaneously for PC, Xbox One and PlayStation 4 and has a new gameplay trailer.
Devily May Cry 5's protagonist might be Nero, but the action will not unfold in his home city, Fortuna, but rather Red Grave City where a demonic invasion happens after seeds of a "demon tree" take root in the place. You'll notice in the trailer he doesn't have his Devil Bringer arm anymore, as it has been severed by an unknown demon who Nero is now pursuing.
Nero's partner in demon hunting is Nico, the girl who makes weaponised prosthetic arms now, many of which are showcased in the trailer. For example the Overture Devil Breaker has an electric generator which can be used to shock demons at close range while Gerbera Devil Breaker generates heat which can be shot out as a shockwave which has multiple uses such as directly damaging enemies, reflecting projectiles or propelling Nero higher.
The trailer also shows Nero riding his own arm but it is currently unknown whether it's part of a specific Devil Breaker form or just a general means of transport that each arm possesses. Nero will likely need it when not traversing around with Nico in their Devil May Cry branded van.
Nero will still have Red Queen and Blue Rose weapons from Devil May Cry 4, which he will be able to utilise alongside the Devil Breaker arms for different combinations. Dante previously handed him Yamato, the katana used by Dante's brother Virgil, but it nowhere to be seen yet.
Theorycrafters might have a field day with that particular conundrum, as there is no reason for Nero not to use it. Therefore, Yamato might be absent from the game entirely due to some behind-the-scenes lore or it could pop up at some point in the game as Nero unlocks more weapons, abilities and Devil Breaker arms.