Karl Hilton, head of Crytek UK - that's Free Radical, or what was Free Rad, to you and me - has said in an interview that they are working on some "exciting" new concepts right now at the studio.
"Going forward, we’ve always made it very clear that we want to build original games and we’re going to do that, and we are concepting some of that up at the moment," said Hilton.
“It’s early days, but there’s some really exciting stuff that we’re concepting. When we’re ready we’ll talk to publishers, and hopefully publishers will like it, and we’ll own and produce those games in our own studio.”
Although they aren't quite ruling out the possibility of Timesplitters 4. But he does insist that if TS4 were to happen, it would be down to the demands of the market.
"Like with all businesses, content is dictated by the desires of the market. These days the mass-market shooters tend to be aimed at the hyper-realistic stuff. If developers had free reign with the CryEngine, they would easily be able to produce really bizarre, wacky wonderful stuff."
More at MCV.