I've said this for the past year and I'm sticking to it...
Bethesda is making an entirely new game. Not Elder Scrolls, not Fallout something brand new, much like Bio Ware did when then quit KOTOR and went toward Mass Effect. Everything Todd Howard has suggested this. Especially his, "don't expect a new Elder Scrolls game in the future". They are making something new and I am predicting they will announce it at QuakeCon. Get ready.
Todd said, "Near future". And "near" is relative, especially judging from what Bethesda has done/said in the past.
And don't forget, they've filed for multiple "Skyrim" trademarks in the past, and they have just recently as well.
Okay, this is definitely interesting:
"Arkane and Bethesda are now working on a unannounced title, and…well, that’s all we know about what lies ahead for the newly acquired studio."
Taken from http://g4tv.com/thefeed/blog/post/706873/QuakeCon-2010-ZeniMax-Media-Buys-Arkane-Studios.html
Wait, does this mean they're both working together on a title, or they're working separately with their own projects?