A new job listing on the Electronic Arts careers page seems to indicate that Crytek is gearing up for a new game using the CryEngine 3, which some have taken to indicate that Crysis 3 is in development.
The job listing for a video editor in Guildford, UK states that knowledge of the CryEngine is an asset, and that they would be working ”alongside EAGL marketing and Crytek to define the process and work flow.”
While this could mean Crysis 3 was in development, there’s nothing that says it couldn’t be another IP, whether a new one - or perhaps TimeSplitters 4?