Assassin's Creed has explored the Crusades, the Italian Renaissance, the American Revolution, and most recently, the Golden Age of Pirates. It goes without saying that the series is well known, and well regarded for its plays on historical content. This leads many to speculate on the locales in which the next game will take place.
In a recent interview with AdWeek, Jade Raymond, Managing Director of Ubisoft Toronto says she's unable to talk about what her favorite historical era would be, as it would "ruin the surprise" about the next game's setting. However, she did dispel the rumor that the game would be taking place in feudal Japan. Though she thinks it's a "cool idea", the next game just isn't going to be set in the age of the Samurai.
“When we’re building a franchise, we’re thinking of a whole universe and how we’re developing a meta-story that could live on for many years in games and TV,” said Raymond. “If the story has nowhere to go, then you end up with the video game equivalent of The Matrix 2 or something where it’s never going to be quite as genius.”
Elsewhere on the internet, a couple of faked images purporting to reveal Assassin's Creed 5 have cropped up. The images claim to reveal the title of the next game: "Great Fall". As you can see from the images below, the typography seems to be entirely inconsistent with the official Assassin's Creed logo, hence the reason why it's a fake.