Far Cry 4 is slated for release during the first half of 2015 and is set in the Himalayas, according to a report on Eurogamer.
A number of environments other than the snowy peaks will be featured, and players will be able to ride elephants, according to Eurogamer's sources.
The source also said Far Cry 4 will be shown during Ubisoft's annual E3 press conference in June and it will be released on PC, PlayStation 4 and Xbox One. Whether the game is also in the works for last-gen systems is unknown.
Gameplay will be similar to Far Cry 3 and the map will be structured similarly as well with outposts in need of liberation.
Superannuation, who had heard rumors of the game being set in the Himalayas, was also told it would contain monsters such as yetis and other strange beasts. He suspects the game could be revealed as early as May or be saved for E3 in June.
Far Cry 3 launched in November 2012 and with Blood Dragon following six months later.
Ubisoft is reportedly set to release Far Cry 4 during its next financial year, which ends in March 2015.