2K Games announced today that BioShock Infinite, a first-person shooter is now in development at Irrational Games, the creators of the original BioShock. The game is set in 1912 and introduces a completely new story, taking players out of the underwater environments of Rapture straight into Columbia - a huge city in the sky. Here's the announcement trailer:

The game is scheduled for a 2012 release. Word is: "Originally conceived as a floating symbol of American ideals at a time when the United States was emerging as a world power, Columbia is dispatched to distant shores with great fanfare by a captivated public. What begins as a brand new endeavor of hope turns drastically wrong as the city soon disappears into the clouds to whereabouts unknown."

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As for the story, here's a bit of preliminary info: "The player assumes the role of former Pinkerton agent Booker DeWitt, sent to the lost city to rescue Elizabeth, a young woman imprisoned there since childhood. He develops a relationship with Elizabeth, augmenting his abilities with hers so the pair may escape from a city that is literally falling from the sky. DeWitt must learn to fight foes in high-speed Sky-Line battles, engage in combat both indoors and amongst the clouds, and harness the power of dozens of new weapons and abilities."

Ken Levine, creative director of Irrational Games, said: "In order to explore the floating city of Columbia, we needed an entirely new engine. To bring Elizabeth to life, we had to build brand-new animation and AI systems. To create wide-ranging indoor and outdoor firefights at 30,000 feet, we had to rethink, rebuild and expand the BioShock arsenal. The only thing gamers can be certain of is this: the rules of the BioShock universe are about to change."

BioShock Infinite is going to be available for PC, Xbox 360 and PlayStation 3.