They're working on Eye of Argonia.

:thumbsup:

The other big thing to consider is that -- according to various interview comments from articles over the years -- Todd Howard and his team are equally interested in pursuing non-Elder Scrolls-related projects in between production of the major sequels for that series. It's the main reason why they worked to secure the Fallout IP from Interplay in the first place, and it wouldn't surprise me one bit to see Bethesda Game Studios hand off the series to a sub-developer for a side-quel type game of some sort, after TES V is completed.

BGS themselves will either be working on another Fallout, or else something brand-new entirely. They're not wanting to get burned out by doing a non-stop constant stream of Elder Scrolls games.

I don't think that Arkane Studios will ever make a TES game.
However, now that they are bought by Bethe... I mean Zenimax... they will probably use the Cration Kit and all other Engine's that Bethesda makes for TES games. Arkane Studios do RPG's in similar style Bethesda does so it would be natural for them to use TES engines.

So, while they probably won't make a TES game, they will make games that TES fans will like.

They'll probably just make us wait, like they did when they were making Fallout 3. What's it been like 5 years since the release of Oblivion?

I'm 99.99% sure that the next game they're working on is Fallout 4. So maybe Elder Scrolls VI in 2016?

Yes, Arkane Studios working on "The Elder Scrolls Online" would be cool.

Fallout 4 seems almost to be a certainty at this point, especially given the fact that the latest entry was recently farmed out to Obsidian to develop. After spending four years working on TES V, Todd and his team will almost undoubtedly want to deal with a completely different setting for a while.

I highly doupt it, I'm sure BGS will be the only game maker who does TES games.