Although Ubisoft hasn't officially confirmed the game yet, it appears as if a ton of info has been revealed, namely the fact that the game will take place in an open-world, host an "80's VHS vision of the future," and will feature actor Michael Biehn (Terminator, Aliens, and more).
With the online features listed as "Leaderboards," it looks like it won't have multiplayer support, and the game itself will be a completely separate download and not require Far Cry 3 proper (again, if this listing is accurate).
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destructoid's previous coverage: Far Cry 3: Blood Dragon