Monolith, the developer of the Fear series, is developing a third person open world action adventure game according to job listings posted on Gamasutra.
The studio are currently looking for a senior producer and a senior mission designer for what is described as "a large AAA quality product shipping on Next-Gen and Current Gen platforms simultaneously."
Monolith prefers candidates for the producer position to have "experience working on open world action/adventure games." Candidates for the mission designer post should have "shipped at least two console/PC titles as a designer or equivalent, with at least one of those being in the third person, third person action/adventure genre perferred."
Warner Brothers own Monolith so it's likely the game could be Lord of the Rings, DC or Batman universes. Given the success of Rocksteady's Arkham Series, which is now being handled by Warner Brothers Montreal, it seems likely the game would be another exploration of the Dark Knight's story.
As the game is planned for this generation of consoles as well as future systems hopefully it will be announced soon, possibly at the Xbox Reveal this month or at E3 in June.
Source: NeoGAF.