Many fans were hopeful that Star Trek: Picard would end up getting its proposed sequel series. Entitled Star Trek: Legacy, the show would feature some of the stars of Picard, namely Ed Speleers as he would return as Jack Crusher, the son of Jean-Luc Picard (don't ask why he's named after his mother's former husband, it's beyond nonsensical). The show would follow Jack as he navigates his time on a new ship, with Seven of Nine serving as captain.
It was a solid premise, one that would focus on the next generation of Next Generation characters. Fans were excited about it. It had some serious hype behind it, but for whatever reason, the folks at Paramount+ weren't interested. Alex Kurtzman wanted to make it, but not enough to make it happen. So the idea toiled around for months, if not years at this point, with no one getting any closer to making the show a reality.
Now, it appears dead. With Paramount+ in financial trouble, Paramount proper on the verge of being sold, and the focus to pivot from shows to films, there appeared to be no room for Legacy. Now, the man behind Legacy, Terry Matalas, is no longer with Star Trek or Paramount as a whole. He's off to Disney to work on a new Vision series, likely for Disney+. His departure seemingly kills the idea that Legacy could ever actually happen as originally envisioned.
No pun intended.
With Matalas now focusing full-time on another show, one that could eat up years of his career, the likelihood that Legacy happens is all but gone. The actors are getting older, the fans are losing interest and the focus is quickly shifting away from the Picard-era shows to more future-specific ones.
Keep in mind that it's been about four years since the third season was filmed, and most of the actors and actresses have moved on to new projects or will eventually. The odds that all the key players are going to be available to do the project anytime soon aren't good, and it's fair to say that the long-desired project is unofficially dead.