Bethesda Softworks - Elder Scrolls MMO Rumours
"Unnamed sources" abound in this newsbit, so we are firmly in rumour territory. That said, it doesn't take a genius to work out that Bethsoft's parent company is doing something with their online division and it makes sense to use one of their successful existing IPs...and since they've denied working on a Fallout MMO in court, that makes an Elder Scrolls MMO seem a good bet.
Anyway, Duck and Cover claims Bethsoft has applied to get some court statements redacted - here's the relevant bit:
The big trade secret?: Bethesda has "tens and tens of millions of dollars" and "close to a hundred people"working on a "secret" "World Of Warcraft" type MMO and they don't want their competitors knowing about it. They've been working on it pretty heavily since 2007 after assigning the team in late 2006. According to testimony given by Bethesda, the development timetable for an MMO is 4 years, so that would mean they would be releasing this game next year.
VG247 then goes on to say they are "reliably informed" it's an Elder Scrolls MMO and it missed the planned reveal last year. No surprises there, if true.