For a while, we've known multiple Call of Duty titles have been in development, and one rumor pegged Sledgehammer Games as one of the developers.
Activision hasn't made anything official just yet but most figure we're getting Modern Warfare 3 from Infinity Ward later this year. However, it now seems clear Sledgehammer is indeed working on a CoD entry of their own: according to a new job listing for Sledgehammer Games, the new studio is definitely cranking on something fresh for the CoD franchise. The job listing is for a Community Manager, and asks if applicants would "like the chance to build and drive the studio community management effort for Sledgehammer and the next Call of Duty game." Well, that's pretty clear. So does this mean we get MW3 and some sort of CoD spin-off or sub-franchise this year? For the record, Sledgehammer was actually created by Activision back in 2009; it's headed up by Glen Schofield and Michael Condrey, both of whom worked on the original Dead Space for EA. So while the name may sound new to you, Sledgehammer has seasoned veterans in-house.
It's probably too much to hope that whatever they're working on will be a significant departure from the series – you know, something different – but even so, we'll be interested to hear the official announcement.