What route, exactly, Sony is going to go with the character is not yet known as they've declined to comment on the news.
The Hollywood Reporter says that Morbius has been developed in secret at the studio. This movie, like Venom, which is now in production, and the forthcoming Silver and Black movie, will not be connected to Tom Holland's Spider-Man and the MCU. Because of the deal, the studio struck with Marvel Studios for the Spider-Man: Homecoming sequels starring Tom Holland, Sony is left with a sandbox of Marvel characters all related to Spider-Man, but without Spidey available to tie together their planned cinematic universe. While no specific plot details have been provided, the movie will center on Morbius the Living Vampire, who started out as a Spider-Man villain, but eventually managed to become something of a hero in his own right. Michael Morbius was a scientist who suffered from a rare blood disease, and in an attempt to cure himself of it, he dabbled in unconventional science. He instead became afflicted with a condition that was a form of vampirism - the thirst for blood, along with fangs and super strength - and fought Spider-Man.
The character was created by writer Roy Thomas and artist Gil Kane. He was introduced in a 1971 issue of "The Amazing Spider-Man", the first Spider-Man comic not written by Stan Lee.
Sony continues to expand their Spider-Man cinematic universe, this time with what some might call an anti-hero.
Furthermore, Sony has not mentioned how they will be reinventing the character of Morbius or if they will sticking to canon material. The would-be feature film, set to follow the anti-hero exploits of the blood-sucking Spider-Man antagonist, will work off a script by Burk Sharpless and Matt Sazama, a duo who helped script the 2017 Power Rangers film reboot, having previously worked on 2016 adventure epic Gods of Egypt, 2015 Vin Diesel action/horror vehicle The Last Witch Hunter and, appropriately enough, 2014 vampire origin flick Dracula Untold. First and foremost, Morbius needs a good story.