Timesplitters 4 will be developed for the next generation.
According to the site, a "high-ranking industry source at Crytek" told them that while specifications for the next console have not been finalized, they believe it'll utilize DirectX 11.
TimeSplitters 4, according to the source, is currently in development using CryEngine 3 as its engine, and is already being demoed internally. The game was also apparently shown off in private last week at E3 2011. "As for the game itself, the new TimeSplitters is reported to focus on the series' branching paths and exploratory nature, with sandbox-style gameplay elements a big priority," promised the source. "The current goal is for levels to feature multiple routes that lead to the same overall conclusion."
Neither Microsoft or Crytek could be reached for comment.