Zenimax Online Studios is the Bethesda-owned team responsible for the vibrantly ongoing MMORPG, Elder Scrolls Online, and recently, the studio's Creative Director, Ben Jones, participated in the Product Builders Podcast, wherein he revealed that his team had been working on a new title that has been in development for the past four and a half years. As transcribed by Exputer, Jones stated that about two hundred developers are working on the project worldwide, that this title has received considerable investment, and that it has a very large scope.
Elder Scrolls Online has received multiple large-scale expansions ever since it released in 2014, its most recent being the High Isle expansion in early 2022. Though obviously expansions take a lot of work, given that they are created atop a previously built foundation, it is definitely sensible for such a large team to be working on something else as it supports the MMORPG.
There were further claims that this 4-year project was based on a new IP, but this was not directly confirmed by Jones himself. Instead, the info comes from a LinkedIn post from Jones, which promoted a Lead Quest Designer job listing that stated the role was for the development of a new AAA IP. However, this listing contains contradicting information to what Jones said in the Product Builders Podcast. It states that this new IP is in "pre-production."
It's unlikely that the project Jones spoke of has been in pre-production after four years of development, so either the job listing has some dated information on it, or Zenimax Online Studios is actually working on two new projects, as it manages Elder Scrolls Online. For what it's worth the role asks for people with experience in developing open-world games, as well as multiplayer online games, which are, of course, Zenimax's bread and butter.
Zenimax Online Studios, being part of the Bethesda family, is now a Microsoft first-party team, so it will be interesting to see on what platforms its games end up. Head of Xbox, Phil Spencer, had previously stated that the publisher would keep Bethesda games on PlayStation, as long as they had a legacy on the platform. This was seen with Elder Scrolls Online itself, as well as Skyrim, However, new IPs, like Starfield, were made Xbox console exclusives.