Busby said it some days ago. They are going after a "London based" spinoff instead.
To me, out of the 4 announced, Influence had the best idea because it was so different from the others. Political thriller and it would get a separate showrunner, similar to Raising Kanan and Force.
Tate is just a more seasoned and prepared lead than Joseph, Rainey, and Mekai. Those actors require Meth, Woody, Audrey, Patina, etc to be X factors. Tate don't need all that. He's lead whole films before.
A political thriller in a similar spirit to Scandal and House of Cards where the character is clearly a piece of sh1t and has tasted his own medicine, then has to make it to the top would be the foundation.
He already does it on Ghost and at times has the most interesting subplot.
I can't take anybody watching Power saying "nobody cared for Tate. 90% of Power fans on Discord, Reddit, and Twitter said nobody would watch the Tariq sh1t. I remember it clearly. Now, the Tariq show is the most watched on the Starz channel.