It takes place between Abe's Odyssey and Abe's Exodus, so "Oddworld 2.5".
Glad they're not just remaking Exodus. That kinda ruined new n tasty for me - I'd already played Odyssey to death.
It is not, however, a remake of Abe’s Exodus, but instead a complete game that stands on its own between the first and second titles in the series.