Furthermore, the unannounced MMO is said to be "very close" to being unveiled. We could even be seeing a release of the purported title later this year, as the transcript is said to also reveal a four-year development cycle (starting in late 2006 would put that either later this year or early 2011). Bethesda has commented in the past that it is currently not working on an MMO, though ZeniMax Online (another studio under Bethesda's parent company, ZeniMax Media) is working on a currently unannounced title. We contacted Bethesda for comment and were told, "We aren't talking about what that studio is working on and don't comment on rumors and speculation."
Source 1 - VG247
Source 2 - Duck and Cover Forums