A new application for a role as Associate Content Designer in Blizzard's job offers site contains this quote that could hint at how the company's new project could be shaping up to be. It mentions Open World, RPG, and FPS:
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''Blizzard Entertainment is seeking a talented and passionate associate content designer to collaborate with our design team for an unannounced project (...) Design and implementation of new events and open world content from conception to the final
stages of polish (...) Support other disciplines in their integration of events and open world content (...) Understanding of RPG reward mechanics (...) Experience working on an FPS game.''
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Whadduyuthink?
Source: cannot post links since im new, the info comes straight from Blizzard's career website, in the Irvine/California/Game Desing/PC/Unannounced Project section.