It looks as though Bethesda are indeed hard at work on the next Elder Scrolls game, with reports saying that it will be a direct sequel to Oblivion, and that voice recording for the game is already underway.
"This source not only confirmed that the game is in current production, but also spoke briefly about the content - with fantasy-sounding phrases like Dragon Lord, something with The Blades - and that voice acting for the characters in the game is currently happening in the weeks to follow.
The same source confirmed, with official game documents in hand, that this will be the chronological sequel to what happened in The Elder Scrolls IV: Oblivion, which is the latest game in the now 16-years-old Elder Scrolls saga and by itself one of the better RPGs for PC and consoles."
Oblivion was released all the way back in 2006, and there has since been little word of a sequel, it might finally be time to get excited.
Update: if the information is accurate, the term 'chronological sequel' may simply mean that the game is set later than Oblivion. So far each of the four Elder Scrolls games have been set later than the last, but none have been direct sequels in the ordinary sense: very few characters appear in more than one game, the hero is always a new character, and the plots don't connect. That may still be true of The Elder Scrolls V.
[via VG247 ]