Speculatory eyebrows are raising at the notion this could be the 'God of War lite' project that was leaked back in August, which looked a little Prince of Persia, but wasn't related to the IP.
Massive Entertainment was all about RTS once upon a time with Ground Control and the hugely popular World in Conflict. Ubisoft bought them and turned them on to action.
Ubisoft Massive has collaborated on 2011's Assassin's Creed: Revelations and this year's Far Cry 3. So far they've yet to be given their own project to lead on but perhaps this "AAA Next-Gen Online RPG" is their chance? The studio is after new blood to join the ranks to "join an international team working on a AAA Online RPG."
Ubisoft has been stepping up their collaborative approaches to game projects with studios in various regions chipping in with various expertise. Ubisoft Montreal is the publisher's biggest concentration of talent. They boast that a Lead Level Designer for Massive would be "building the best gameplay experiences ever conceived. For any game. Ever."
Ubisoft has long been thumping their technical development chest that they're well positioned for next-gen hardware. Recently Ubisoft showed off the AnvilNext engine - which Assassin's Creed 3 was built with - as being primed to handle the new technical ceiling afforded through beefier hardware.