Blue's News points out that Brian Fargo hints, at Duck & Cover, at a possible coupling with Bethesda and it does sound like it's a new Wastelands game. Although that hint is as old as 2007.
Also note:Brian Fargo and InXile Entertainment might, in fact, be developing a game for Bethesda. Last time DAC spoke with Fargo, he informed us that he was working on a sequel to Wasteland, saying: "I am indeed looking into bringing back the game that spawned the Fallout series. Stay tuned...." 21 June 2007
More information.It is unknown at this time whether or not Fargo was being serious or just making a joke. Attempts were made to contact both inXile and Bethesda, but no response has been made as of yet.