Developer Irrational Games (Bioshock, Bioshock Infinite) has been through a lot lately. Earlier this year it was announced they would be "winding down", with only Ken Levine and 15 chosen employees remaining. Although they were supposed to set up under a new studio name, it appears as if maybe they have retained the Irrational Games as they remain under the Take-Two umbrella. Recently a job ad on the official website offered some vague clues as to the direction of the new project. When the "winding down" of Irrational Games was announced Levine revealed his new team would work on smaller narrative-driven projects. However, the ad for a senior programmer seems to suggest multiplayer may be involved (as multiplayer experience is seen as a plus). Another thing they are looking for in the senior programmer is experience with Unreal Engine 3 and Unreal Engine 4, which seems to suggest they will continue to work with Epic's engine.
That's all we know for now.
Thanks, Polygon.