How can we connect the fifth installment with the previous games in the series?

Since we decided to seriously undertake the task of reviving the Heroes of Might and Magic universe, we need to come to a consensus on where the story will take place. I believe there are three possible options. The first, which I lean towards, is that the action takes place in the world of Enroth, after a global catastrophe caused by the collision of the Ice Blade and Armageddon's Blade. The second option is that the action takes place in Axoth, the world of the fourth Heroes game. The third option is that the action takes place in a completely new world, but how did elements from the third game end up there? So, let's hear your opinions.