No, the studios probably don't think it's a good idea.
Vin Diesel really loves Riddick. It's his passion project. Universal was willing to let the franchise die after two films but he wasn't, so he did a cameo in Tokyo Drift in exchange for the rights to the franchise. Then he independently raised funds for the third film and fronted a bunch of his own money, going so far as to mortgage his house to keep the production afloat.
I'm sure it's the same with this fourth film. The series was never all that profitable so the studios wouldn't push to make another one. It's gotta be Vin Diesel pushing to have it made because he personally deeply cares about the franchise.
It's a really poorly written article. The FOX 55 article they link is definitely better written.
This article starts by saying it's a "local Indianapolis grocery store" and then says it's in Fort Wayne. If a Fort Wayne grocery store counts as Indianapolis then every grocery store in the entire state must count as an Indianapolis grocery store.