Yes, there is a new POW that should be both ASIC and GPU resistant. A modified version of scrypt was used to overcome the short comings in the Litecoin and others implementations, these modifications 1) greatly increased the memory size used and 2) added a long sequence of random memory accesses which eliminate the effectiveness of pipelining needed to make ASICs efficient.

The code for the new POW and an explanation is here

https://github.com/satoshisbitcoin/satoshisbitcoin/blob/0.11.2_PublicTest_At403562/src/crypto/modified_scrypt_smix.cpp#L193