It hasn't been officially announced that Treyarch will be developing Call of Duty 5, but recent job listings (via Gamer) reveal that they are definitely working on a Call of Duty title... and it very well might be jumping back to the World War 2 time period. Treyarch's listing for both single and multiplayer level builders features the following qualification:
"Working experience with First-Person Shooter or Third-Person Shooter genres (console or PC). And if you're a fan of World War 2 shooters, then even better!"
While we were deep in combat, we had a chance to chat to the company’s studio head (and all-round top bloke) Grant Collier and asked whether CoD5 would continue in the modern environment. His response was all nonchalance as he didn’t think he was going to be making it.
Treyarch sucks at making games ugh.. people have been talking about CoD5 on CoD4 forums for a while know and its been known to be just console only. But by this time next year more next gen games will be coming out for computer such as BF3 (and maybe we'll be able to play Crysis at good spec!)