It's really not confirmed whether it will be a sequel or not, but Dennis Lenart mentioned that they are making sure the timelines from the trilogy will be preserved. And that something happens after the events of the three films.
So actually it very well could be considered as a sequel and dare I say canon material since Bob Gale is giving inputs. But unlike The Ride and Animated Series (which was also had Bob Gale as a producer), this game is likely going to be closer to the tone of the films and hence can be considered canon.
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