Rennala & Miquella (Elden Ring fanart)

Elden Ring DLC was just announced so I'm going to give my best predictions on the setting. First, for all the peeps saying this takes place after frenzied flame, A THAT DOESN'T MAKE SENSE. Fromsoft does not have a history of making post game DLC because it would ruin player choice by locking content behind only one of many endings each game has available. Plus, Frenzied flame burns the world to ash and shattered the erdtree, but this doesn't either of those things depicted in the image above.

With that aside there are at least three scenarios that can be interpreted here:

-The woman in the image is a young Marika before she became a god, and the tree we are seeing is Primordial Tree of the Crucible before it was struck by the star of the Elden Beast. That would imply the DLC would be taking place in the past.

-The woman in the picture is actually Miquella in his St. Trina persona, as this is not the first time Fromsoft has made a male character who identifies as a woman (cough, cough, Gwyndolin), and what we are seeing is their dream world, as St. Trina is said to have powers over people's dreams.

-This is a Prince of Death DLC that takes place in the tarnished's present time, as Godwyn was buried in the Erdtree's roots, and as a result is undergoing some horrific transformation while infecting the tree with his deathroot. What we are seeing is the infection coming to a head, the tree all but consumed by death. Perhaps Marika was cut off from her connection to the tree as a result and is helping us now?

I feel the first and second theory would make the most sense considering it would give a chance to shed light on two potentially obscure characters in the lore, but we can't rule out Godwyn as well.