Some news came out today that has got me If this is true, I'm kinda glad it is a direct sequel rather than an MMO. I'm not sure if I would like an MMO.

http://tinyurl.com/2fcj4pm

Eurogamer Denmark’s reporting that a Bethesda rep has said Elder Scrolls V is not only in development, but that’s a straight sequel to Oblivion.

Going by this machine translation (via M2G), VO is currently underway.
The news comes from “a person involved in the game project.”

EG.dk says in the report that it isn’t going to drop any more details because of an NDA. Bethesda will be pleased about that.

Bethesda boss Todd Howard said at QuakeCon in August that a two-year project staffed by a team of 90 was to be announced soon, adding that the title is “pretty far along.”

The next Elder Scrolls game has been rumoured forever. It was supposed to be heading for an E3 announcement in June.

We were told back in January that the RPG is actually an MMO.

Sounds like we’ll know soon enough. Bethesda’s declined to comment on the story.