Starting in September, the arc has been said to be the third act of writer Jonathan Hickman's run on the two Avengers titles, which began in fall 2012 as part of the "Marvel NOW!" initiative. "Time Runs Out" starts on the eve of the final "Incursion" event -- with two Earths headed towards the same spot, and only one able to survive.
"In September both 'Avengers' and 'New Avengers' are effectively skipping their storylines ahead eight months," series editor and Marvel senior vice president of publishing Tom Brevoort told CBR News in June. "That means the cast situation of the books and where everybody is in the Marvel Universe will be contiguous with the end of April 2015."
CBR has the exclusive first look of artist Agustin Alessio's variant covers for the first two installments of "Time Runs Out" -- "Avengers" #35 (by Hickman and artist Jim Cheung) and "New Avengers" #24 (by Hickman and artist Mike Deodato). As promised by Brevoort, the covers are consistent with what we know about the Avengers in the near future -- Sam Wilson is Captain America, Thor Odinson is carrying his axe Jarnbjorn, not Mjolnir and Iron Man is in the "Superior" armor -- along with some surprises like Captain Britain, and what appears to be James Rhodes back in his War Machine armor, as opposed to the Iron Patriot guise.
"Avengers" #35 and "New Avengers" #24 are both scheduled for release in September.