Overkill Software has gone on record that their The Walking Dead game will be less Telltale and more Payday.
In series creator Robert Kirkman’s words:
I can say that it will be Payday-esque because [Overkill and parent company Starbreeze] are currently doing Payday. But I’m told it will be in a bigger world than Payday currently encompasses. They are going to be learning a lot of stuff from Payday that they will be incorporating into The Walking Dead game.
The key I think, which is very important, is that we’re not doing, ‘Hey, it’s Daryl Dixon running around shooting zombies, because you like Daryl Dixon.’ Or, ‘It’s Rick Grimes doing this because you like Rick Grimes. We’re telling our own stories and doing our own things almost as if they are original games.
Kirkman also promises that Overkill’s The Walking Dead game will have online coop.