It's in production now with a release planned to coincide with the next console generation.
Gamasutra reports that the next version of Epic Games' hugely successful Unreal Engine could debut as early as 2012 alongside the next console generation.
"We've got Unreal [Engine] 4 in production right now... it's going to be in the next console generation - our rough guess is 2012 [to] 2018," said Capps at Gamefest in Seattle.
Back in March, Epic's Tim Sweeney revealed that Unreal Engine 4 would "exclusively target the next console generation, Microsoft's successor for the Xbox 360, Sony's successor for the PlayStation 3 - and if Nintendo ships a machine with similar hardware specs, then that also. PCs will follow after that".
Epic's Unreal Engine 3 is widely used in current generation video game development and forms the backbone of many titles such as Gears of War 2, Rainbow Six Vegas 2 and Brothers In Arms Hell's Highway.