Cory Barlog confirmed to Geoff Keighley yesterday that "it's a continuation many years past God of War 3". We can see the scar on the belly, it's obvious that this is THE Kratos.
My theory on how the story may go:
At the end of God of War 3, we saw Kratos' body disappear after laying on a rock formation clearly shaped like a Phoenix. This was no accident by Sony Santa Monica. The Phoenix in greek mythos represents rebirth. Hence, I think the new reboot game will be a story of reincarnation.
Kratos could be reborn or reincarnated as a Viking, with a cool story of who he was/is as a Viking, his family (his relationship with his son) and his conquests... and then he is wronged by Odin and the gang. As he sets out on his quest for revenge on the Norse Gods he is visited by one Athena (who is now a higher being according to GOW3) who tells Kratos who he was in his past life, how he killed all the Greek Gods and that this is his destiny as a soul: to be vengeance incarnate, a deity killer.
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