This one's a doozy. Infinity Ward is allegedly recruiting new staff from the likes of Sony Online Entertainment with a view to developing a new massively multiplayer game based on its highly popular Call of Duty franchise. According to a rumor-riddled article read over on D'toid, the shooter dev might also be getting a hand from Blizzard too.
We've gotten word that IW is hiring people from Sony Online Entertainment, one of which may be the lead designer of EverQuest II, and that a member of Blizzard employees may also be involved to help Infinity Ward get this new title off the ground. Our Intel seems to indicate that Call of Duty will continue as an annual franchise while IW runs this MMO alongside it.
This rumor came in after a different rumor (surfacing yesterday on VG247) did the rounds which stated that Infinity Ward might not be working on Modern Warfare 3. We'll keep you posted.

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Bryn says: In a world where anything's possible, I'd like to see exactly what kind of MMOG Infinity Ward would be able to put together. Being skilled at first-person shooters is one thing, but developing a viable (and fun-to-play) MMO is something completely different. Perhaps my dreams will come true and IW is already hard at work on a brand new IP that's nothing to do with Call of Duty. Time will tell.