A report on the Examiner states that Ubisoft is working on a new IP is called The Crew , a racing game from developer Reflection Studios.
Reflection is known for their work on the Driver franchise and they’re currently assisting with Watch Dogs. Additionally, the Examiner report also states that Ivory Studios, previously working on a successor to the Test Drive series, is also involved in the project.
During a recent earnings report, Ubisoft did say that they plan to unveil a new IP at E3 in two weeks.
If true, this will be a very busy E3 for racing fans. Microsoft announced Forza Motorsport 5 last week, Driveclub was announced during the PlayStation 4 event, and we may even hear some details regarding Gran Turismo 6.
Source: Examiner.com