The news was announced today by the game's executive producer Sean O'Brien, who promised the new game will address many of the problems with last year's installment.
"As I've said previously, we know we fell short in two major areas with NBA Live 14," O'Brien said.
"5-on-5 gameplay didn't have the depth and polish of an EA SPORTS game and our visuals just weren't up to expectations for a next-gen title. We've been laser-focused on making sure that this isn't the case with NBA LIVE 15 and I'm really excited with our progress in those two areas."
NBA Live 15 will feature refined character models, with real life scans taken from several NBA players. O'Brien also promises that the game will offer a more "realistic" and "fun" experience than its predecessor, with improved "flow and responsiveness".
More details on NBA Live 15 will roll out in July.
Following a break for the series, EA Sports released NBA Live 14 last year to unanimously poor reviews. Following its release, EA Sports boss Andrew Wilson apologised for the game's quality.
"Plain and simple, we haven't gotten the kind of early feedback we had hoped for on this game," Wilson said.
"I do think we have built a strong foundation, so we're accelerating a number of game updates to address your biggest issues, including improving the way the game teaches the new gameplay controls."
NBA Live 15 will release October 7 for Xbox One and PS4, the same day as 2k Games' NBA 2k15.