Bethesda's Peter Hines has said they aren't planning "anytime soon" to make an announcement on the "next big project".
The only thing going for Oblivion fans wanting a sequel right now are two novels in the pipeline, with 'The Infernal City' by Greg Keyes exploring events after the game's conclusion.
"The next big project announcement is not coming anytime soon," Hines noted. While hopes are thoroughly dashed for anything to come out of E3 then, and possibly even next year's too, don't forget a new Fallout game is on its way from Obsidian Entertainment.
It may not be Elder Scrolls but it's the closest anyone will get for now...