Ok, what pisses me off here is that this is only Prince of Persia by name. The game doesn't take place in Persia, nor does that guy look like a Persian prince. They need to use places like Parsa, Pasargadae, Ecbatana, Susa, etc.
If they really wanted to, they could make a PoP game that takes place nearing the end of the Arab conquest, where a fallen Prince sets out to start a "freedom fighter" group, which eventually leads into the "Hashashin" - or the Assassin's Creed. Upon the passing of the leader of the Assassin's, Hassan-i Sabbah, leadership passed down to Rashid ad-Din Sinan who then moved the Creed to a fortress in Masyaf.
In such a way you get the origin of the Assassin's Creed and a rebooted PoP franchise. The franchise would end with the passing of Hassan-i Sabbah, or maybe the Prince could even just be a fictional character who was a friend of Hassan's (as Hassan was never a Prince).
EDIT: What would be awesome would be to also include the likes of Ferdowsi, if going with a timeline like this (Assassin's were established in 1091, Ferdowsi died in 1020. They could set the game in 1009 (around the time that Ferdowsi was writing Shahnameh), for the first game, where the Prince is 19. Then we jump ahead to 1040 where the prince is 30, and finally to 1060 when he's 50, in the end of his Glory days (like Ezio in AC). He could have children at this point - maybe a son whom he names "Hassan" and tells him at some point "With these people (the Arabs), Nothing is true. Everything is permitted". The game would focus on the fall of the Persian Empire to the Arab conquest. The clash of cultures, and a near extinction of Persian history, mythology and language.