No word yet on if Sony will use the Spidey lore for Morbius or if they will start with a fresh new take on the character.
The Hollywood Reporter says that Morbius has been developed in secret at the studio.
This isn't the first spin-off Spider-Man movie that Sony has announced. While the actual character of Peter Parker is now being lent to Marvel Studios, hence why Spider-Man: Homecoming took place in the MCU, Sony still has the rights to all the other Spider-Man characters.
The report described the film as a "Sony-Marvel" movie, and while the two studios have recently collaborated to bring Spider-Man into the Marvel Cinematic Universe, it's not clear right now where Morbius would fit. Burk Sharpless and Matt Sazama, the writers best known for Lionsgate's recent Power Rangers reboot, have just submitted a screenplay to Sony, so this anti-hero flick is still very much in the formative stages of development. Indeed, the tragic aspects of Morbius's origin story quickly led to him being spotlighted in solo stories in Marvel's Adventure into Fear, later occasionally popping back up in the Spider-Man titles as a rival. The upside is that, while not fully a vampire, he gained abilities like superhuman strength and speed, as well as heightened senses. The issue is significant because it's the first issue not penned by Marvel Comics legend Stan Lee.
Amy Pascal, producer on Spider-Man: Homecoming and former head of Sony Pictures, previously hinted that Tom Holland and Spider-Man will eventually return to Sony following the Spider-Man: Homecoming sequels. He's had several run-ins with Spider-Man and has been a heroic figure from time to time.
Created in 1971 by writer Gerry Conway and artist Gila Kane, Michael Morbius is an accomplished biochemist who won a Nobel Prize for his work, but was transformed into a "pseudo-vampire" while trying to cure himself of a rare blood disease via an experimental procedure.
Furthermore, Sony has not mentioned how they will be reinventing the character of Morbius or if they will sticking to canon material.