According to the CV of a developer at Crytek, the studio is hard at work on a new FPS title. This will be new IP, according to the CV, and nothing to do with the Crysis series.
The gameplay programmer reveals on his LinkedIn page that he's working on "New IP, shooter genre, TBA title for Xbox360, PS3 and PC", and has been for a year now.
The same profile page also reveals that Crytek had another FPS in development - also new IP - that the developer had worked on for a half a year before it was cancelled.
A second CV shows the developer had worked on a projected called Redemption, which is simply referred to as 'cancelled'. It's likely that this and the game from the first CV are one and the same.
With new IP currently in the works, does the developer still have time for Timesplitters 4? This follows the news that Xbox 720 is 'likely' at E3 2012, with Crytek developing a new Timesplitters for the console.