I can't say it's entirely surprising that Crytek, the developer behind the "Crysis" and "FarCry" franchises is working on a new title. Despite some strange happenings between EA and Valve's Steam service in regards to "Crysis 2," both franchises are generally popular, and it only makes sense that we'll soon see a new game from the studio. According to a LinkedIn profile discovered by Supererogatory, the team has been working on their next outing for a year.
I'll go out on a limb here and say it has the word "cry" in the title.
The LinkedIn profile of David Ramos, gameplay and animation director at Crytek, sheds some light on a couple previously unannounced projects. First, there's the mention of a new intellectual property that appears to have been under development for a year now. The entry states, "New IP, shooter title, TBA title for Xbox 360, PC, and PS3 (1 year)." Unfortunately, that's all it says – not a whole lot of information, but I guess it's something.
The most important factor there is the multi-platform development. Crytek has slowly expanded beyond the realm of PC-only titles, and it appears that the developer is looking to stay multi-platform wherever possible for the future. If the project's been underway for a year, there's at least a marginal chance we'll hear something about it soonish.
Of course, some projects never officially see the light of day, and Ramos' profile also mentions an unnamed title that was cancelled after six months of development. Apparently, the third-person shooter game was also multi-platform and a new IP. Based on the resume of another Crytek employee (also found by Supererogatory), the game may have been tentatively titled "Redemption."