Former Ubisoft studio head Jade Raymond is indeed working on an Assassin's Creed-style game for EA.
Raymond, who oversaw the creation of multiple Assassin's Creed games, as well as modern Splinter Cell games, heads her own studio - called Motive, at EA.
When the publisher announced the new hire back in July, it revealed that the new studio will work with Visceral on Amy Hennig's Star Wars game, which we know virtually nothing about. Motive's future, however, is in the action adventure genre, a genre EA has yet to have a strong product in.
"We've never really operated in the largest genre of gaming, and that's the action genre," Blake Jorgensen, EA CFO said at the UBS Global Technology Conference.
"That's the Assassin's Creed-style games; more open-world, more single-play versus multiplayer. It's not been an area that we've operated in. We recently hired Jade Raymond, who was behind the Assassin's Creed franchise for Ubisoft and she will be building an action genre for us through a studio we're building out in Montreal right now. So a lot of excitement around the action genre."
Whatever it is, it's going to be a new IP, and is probably still a few years out.