Egypt
While each installment of Assassin's Creed has tended to move the series forward in time, there’s no strict rule that says they can’t take things backwards to Ancient Egypt. I think the setting has a lot of potential. It’s got some great architecture and some powerful personalities that could lend themselves well to the series conspiracy-laden plotline. In fact, the series already has a strong narrative link to the setting with Altair’s children choosing to retire there after the events of Assassin's Creed: Revelations. While Altair’s plot certainly lacks the following attached to Ezio and Edward Kenway’s, It would be cool to see the series revisit his story having learned from its past mistakes.
Another point in favor of this possible setting exists in the form of Ubisoft’s cancelled Prince of Persia reboot. The leaked-screenshots for the project displayed an art style very reminiscent of Assassin’s Creed (though that could be a consequence of their shared engine) and an Ancient Egyptian setting. Is it that hard to imagine the project could reemerge as an Assassin’s Creed title?