I think there are a few options that could potentially be the next setting:
Hammerfell would be a good setting, with its different climate and environment, the most radically different of the human cultures, and lots of conflict with the Nords in the north, along with the Redguard's neighbours the Bretons and the Orcs in the Dragontail Mountains. Sword-Singing would be an interesting mechanic, and it would be a great setting for the Second Great War to play out. Parts of High Rock like Daggerfall, Evermore and Wayrest could already be in the game or added as DLC. Originally, this idea was Hammerfell and High Rock, but scaling it down to just Hammerfell, or Hammerfell with some border regions would be much easier, having a rebuilt Sucht for example. Todd Howard has expressed he would like Daggerfall or Sentinel to be redone.
Alinor would be a great setting as well. Taking place not too long after Skyrim, a few decades at most, the Thalmor are struggling to keep control of the Aldmeri council, with talk of rebellion on the people's lips. To make matters worse, the Moarmer have recently attacked one of their vaults in Sunhold. proving to the people of Alinor that the Thalmor might not be strong enough to protect them. Under presure, the weakened Thalmor once again allow humans and other races in the Summerset Isles. The Sload invade with their armies of sea monsters and undead, reaking havoc on the coastal cities. The island of Artaeum has returned to the Summerset Isles, along with the Psijic Order. The player would be the chosen one, perhaps the Chosen of Magnus or something, and would partake in the power struggle in Alinor, as well as save Alinor from the Sload. This wouldn't be a game about rebellion against the Thalmor, they would be enemies in some factions, but you could also join them like the Imperial Legion in Skyrim, becoming a honorary member of the Thalmor.
Argonia, that could work. Like Alinor, I was against it at first, not a big fan of the Argonians, but I can see the appeal, and I might change my mind. Argonia, along with part of Morrowind, would be a great setting, dough, I think we have a conflict with the Thalmor to sort out first. A war between the rival tribes of Argonians, a possible conflict with the Dunmer trying to retake their lands that were taken by the Argonians, the return of the Lilmothiit, a thought to be extinct vulpine and canine beast race. And of course, the Hist, a very mysterious threat. And considering that Black Marsh is a swamp about as much as Skyrim is a tundra, there would at least be some diversity in the terrain. You would have swamps, but also forests, jungles, mountains and grasslands, especiall if they added part of Morrowind, not neceserally under Argonian control.
Valenwood and Elsweyr is also a good setting, combining the two smaller provinces into one larger province with all the diversity you would need. The two provinces are both pretty strange in their won way, but I think combining them ballances out the strangeness to a marketable happy medium. With the Khajiit, you have their familiar culture - the bartering, plantation culture and the warrior culture, while with the Bosmer, you have the Green Pact and the tree cities. The Thalmor would basically function as an anchor, like the Imperials did in Morrowind, in this strange land, there would still need to be familiar things. Also, migratory trees, I only know of one and it has stopped moving as far as I know.
Also, one of the reasons why I kind of got interested in the Argonia idea was Nantes' post and this box cover for an idea for TESVI Argonia that depicts a Lilmothiit. The idea is interesting if a bit strange, and involves the Dwemer and the return of the Lilmothiit, I don't agree with it, but I still like the box cover. It may not scream Argonians, but the idea was about the return of the return of the Lilmothiit. http://img1.wikia.nocookie.net/__cb20130926055115/gameideas/images/1/1e/The_Elder_Scrolls_6_-_Argonia.png