According to a former EA employee, the new Medal of Honor game will be set in modern times.
The CV of Micah Lapping-Carr, a production intern at the developers between June 2008 and August 2008, states there is a “modern combat” game under the MoH name.
Electronic Arts Los Angeles
(Computer Software industry)
June 2008 — August 2008 (3 months)
Worked on a Medal of Honor modern combat title in various roles, including design and software engineering
Carr is now working on Natal as a Software Development Engineer at Microsoft.
Early suggestions say that Afghanistan 2002 could be the setting. Expect more on this when we have it.