There are already three Resident Evil movies. We are getting a fourth called Resident Evil 4: Afterlife. And after that, we'll be getting somewhat of a reboot.
The current films have strayed far from the source material, and according to website Bloody Disgusting, the concept for the quasi reboot "is to redo the story of a special military unit who fights a powerful, out-of-control supercomputer and hundreds of scientists who have mutated into flesh-eating creatures after a laboratory accident."
The project is to be called Resident Evil Begins and is still quite early in the planning stage. It does not appear to be a vehicle for actress Milla Jovovich. Her husband, Paul W.S. Anderson, has produced, written or directed all the Resident Evil films to date. No word on whether he'll be involved with this quasi reboot or not.