According to bloody-disgusting.com, Screen Gems is developing a fifth film Currently titled Underworld: The Next Generation. It is confirmed via IMDB.com. The film is in the earliest phase of pre-production and nothing as of yet is set in stone.
Currently, there is no director or writer assigned as of yet. Len Wiseman is producing. Also, with the title, it can be assumed that the story will focus more on Eve as the next protagonist.
Beckinsale is currently not attached to the film as of yet but that may change. In a recent interview promoting Underworld: Awakening. She did not believe a fifth film would be produced but said her involvement in the fifth film would be based off the success of Awakening.
India Eisley (Eve) (Rumored)
Scott Speedman (Michael Corvin) (Rumored)