Rumors suggest that developer Lucid Games, made up of former staff from Criterion and Bizarre Creations, and publisher Microsoft are working on Project Gotham Racing 5, a new racing title that will be launched on the upcoming next-generation console from Microsoft.
The information comes from a NeoGAF thread and Microsoft has not offered a confirmation or a denial of the rumor.
The third game in the Project Gotham Racing series was a launch title for the Xbox 360.
Project Gotham Racing 5 would presumably keep the core mechanics of the series while increasing the number of vehicles a player can use and taking advantage of all the new features of the Microsoft next-gen console.
The most recent title in the series was launched during 2007 and there were rumors that Turn 10 was handling a reboot of the series.