At present Infinity Ward doesn't have a very clear idea of what their next project's gonna be. While it seems they're keen on developing something completely new (not related to the MW franchise), they also plan to wrap things up with the DLC for Modern Warfare 2, which, by the way, is scheduled to arrive this Spring.

Modern Warfare 3 just might happen though. Still, it might be done by another development team. Word of this comes from VG247, who are claiming the info is from "a VG247 source." They also said "the details come from US recruitment channels." In other words, Activision hasn't commented on the information.

In October 2009 Infinity Ward's Robert Bowling pointed out: "Right now we don't have a clue what our next game is going to be, and we won't know what it will be until we finish with Modern Warfare 2, which won't be for a while – once this game comes out we're going to take a little break, we're going to play with the community to see what people like and what they want more of so we can focus on the DLC for this game, and once all that's wrapped up and done then we'll start thinking about what's coming next. Right now, if we want to make another one then we might, but we've really no clue what our next game is" (thanks Blue).

Infinity Ward has talent. It would be about time to let them do something new with that talent. Then again, Activision is not about to let go one of the most profitable video game licenses of all time just so IW can fiddle around with new ideas. At least, that's what it looks like from where I'm standing.