Craig Alexander, vice president of project development at Turbine, has revealed that the company is working on a MMO title for PlayStation 3 and Xbox 360. Speaking during a keynote at GDC Austin, Alexander said that the unnamed project has been in-house for the past year and a half, and is currently pencilled in for release in early 2011.

Apparently, the firm has spent upwards of $20 million on the game so far, though Alexander remained tight-lipped in regards to any concrete details on the project. He did, however, offer his two pence on the MMO market, stating that he feels console offerings in the genre would eventually surpass their PC counterparts.