We've got good news and some bad news. The good news is that DC Studios co-head James Gunn just revealed the DC Universe's first Superman film, Superman Legacy. The bad news is that it really won't feature Henry Cavill.

According to Gunn (via The Hollywood Reporter), he didn't fire Cavill from the DCU, saying:
We didn't fire Henry. Henry was never cast.
For me, it's about who do I want to cast as Superman and who do the filmmakers we have want to cast. And for me, for this story, it isn't Henry.
Gunn also added Cavill is getting "dicked around by a lot of people" like the former heads of the now-defunct DC Extended Universe.
With that said, you can never say never when it comes to these things. For example, nobody ever thought we'd ever see the day that Tobey Maguire and Andrew Garfield would portray as Spider-Man on the big screen again, let alone together with Tom Holland, yet that's exactly what happened with Spider-Man: No Way Home.
Maybe, Cavill, who came back to play as Superman in Black Adam only to vacate the role just weeks later, will don the cape once again.
For now, it's safe to say the Cavill isn't part of Gunn's plan for the DC Universe, which stars a younger Clark Kent starring in a movie that highlights the struggle of Superman in "balancing his Kryptonian heritage with his human upbringing."
Gunn will write the script for Superman Legacy, but it's unclear if he'll direct it or if he'll be on board in a different capacity. Gunn also hasn't confirmed who will play Superman, but we're pretty sure it won't be Jacob Elordi.
As for Cavill, fans need not worry about where they'll see him next. Cavill might have lost another role to a different Hemsworth after dropping out of Netflix's The Witcher, but he's expected to play a massive role in Amazon's Warhammer live-action adaptation.