"strong multiplayer focus" in the works, using the new Frostbite 2 engine.
It should have "strong storytelling" too reveals a Cinematics Engineer post ad. Rumour pegs it as Mercs Inc, Pandemic Studios' project before it closed.
Apparently the game survived the Pandemic closure and former staffers went to EA LA to oversee the continued development of the title. The original Mercenaries game, published by LucasArts, proved a surprise hit unlike the sequel which floundered.