According to the press release, the agreement allows Gameloft to develop, publish and distribute any games featuring the superworm. Whether or not the company is looking to port an existing Earthworm Jim game to the new formats, create a new game, or something in between is unknown.
"The game, with its humorous and edgy style, is a great fit for today's gamer who craves a fully immersive experience that is fun and easily accessible," said Gonzague de Vallois, an important person at Gameloft. "We look forward to delivering a fantastic game."
Apparently, the game will first appear on the Xbox 360 a month before other platforms. Jim will also be making an appearance on mobile devices, possibly including the iPhone OS.
Earthworm Jim first appeared on 16-bit consoles in 1994, quickly becoming popular thanks to its rather zany sense of humour.

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