It's not Mass Effect 4, but it may be more interesting news than anything else BioWare has had to offer for the series in recent weeks. Veteran BioWare artist Matt Rhodes has posted up a series of pictures depicting what the Mass Effect series would've looked like, including very early concepts of Commander Shepard. In one of these concepts, Shepard is depicted as using Reaper technology to accomplish his or her goals and become something akin to Saren, the primary antagonist in the first Mass Effect.
According to the artist, the third game in the series would've ended with a confrontation with the new human spectre, who's either Ashley or Kaidan, depending on the choice you made in Mass Effect, in a confrontation mirroring the end of the first game.
The artist also showcased numerous forms for the Cerberus troop designs, some of which are unintentionally funny due to their unconventional shapes—as seen below:
More of his work can be found here.