Their RTS team is focusing on SC2 expansion and HoTS. Maybe after they have that out we can see a War4 but I doubt it.
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because their still working on sc2
Starcraft 2 is their RTS of choice. Why would they put out something to compete with themselves?
Story doesn't really have much to do with it. Blizzard RTS games, while they have a story, mainly focus on the multiplayer aspect. The story is something you play through in 5-8 hours and never touch again unless you're an achievement/secret hunter. It's the multiplayer / custom map aspect of the games that give them their longevity. They could do anything they want for story, a past event that has been talked about but never really covered, whatever.
Though they have StarCraft 2 at the moment to cover the RTS genre so it doesn't make much sense for them to make a new WarCraft game. An HD re-release of classic WarCraft games though? Sure.
It doesn't matter, they don't have any RTS competition. They have competition in the form of other "eSports." - and Blizzard is losing there. I personally think that watching a moba is about as exciting as watching paint dry, but I can't deny it's popularity. The RTS genre though is in a bit of a sad state.
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Also, do we really need a WC4 at all? Maybe they could do a complete remake of the original or a prequel? They don't necessarily have to move forward in time with it.
Some of the devs are working on warcraft 1 and 2
It really doesn't make sense for them to make another Warcraft RTS. It would compete with starcraft for rts play, and it would introduce some complications for WoW universe lore.
It would be hard to make Warcraft 4 while WoW is still an active game, as the lore is currently being dictated BY WoW.
Warcraft 4 would require a singleplayer story, and it would be very hard to make that work alongside WoW.
How about they Warcraft IV about old Vanilla and let people see on what happened before, because WoW changed so much since and it would be good to go back to the Vanilla days and seeing on how everything went just after the Rise of the Lich King and the Creation of Orgrimmar.
For the Horde!