According to a report just published, Bethesda is creating an MMO based on the Elder Scrolls universe.
The website Tom's Guide has published an article claiming that an Elder Scrolls MMO is in production, citing an anonymous industry source. The source also told the site that the game would take place a millennium prior to the events of Skyrim, and the author speculates that this would place it in the "Second Era" of Elder Scrolls. This would mean the MMO takes place hundreds of years before any game in the series.
The article gives a few more details on the purported MMO, including the plan to have "three playable factions," each represented by an animal -- lion, dragon, and bird of prey.
The article goes on to speculate that it will be shown at the upcoming E3 and at Quakecon 2012.