Vicarious Visions has had an extensive relationship with the Crash Bandicoot franchise, but not all of their pitches have come through, as at least one game's been cancelled.
Details about this game are sketchy at best. The exact time of development is unknown, but a single concept picture was leaked on the Internet in late 2012, featuring Crash with an all new design. It comes from a photo taken inside Vicarious Visions's studio.
In response to a fan, Activision's Mike Stout commented on the game in February 2013:
That Crash poster was from a cancelled Crash game from a really long time ago. I never saw that game in action (it was before my time), so I don't know any details about what it was about.
Sadly, that's all we know about it. Maybe someday we'll uncover more details about it!