Turbine's communications director Adam Mersky has confirmed that the company is "actively developing a title for console" but declined to specify.
Mersky was speaking with Kotaku about Turbine's USD 40 million investment from Time Warner, which would be used to fund the unnamed MMO.
"We've hired over 60 people since the beginning of the year," he said.
"The people that invested in us, Time Warner... one of the media giants, getting into the MMO fold, and that's obviously a big deal... They also have a huge distribution network... that may bear fruit for us," said Mersky.
Earlier in the year, Turbine's publishing partner Codemasters revealed it was developing two new MMOs for the console market - although it is not known whether the two companies are working together on this particular project.