In an official press release, BioWare has announced:

• BioWare Corp., the creators of the best selling Baldur's Gate and Nerwinter Nights series, are pleased to announce that the company has acquired the license for a sequel to Fallout - a highly praised series of cyberpunk games.
  
  Fallout 3: Star Citadel will redefine the electronic role-playing game genre using the fully 3D BioWare Aurora Engine (previously used in Neverwinter Nights) and the d20 Modern system, published by Wizards of the Coast, Inc. The game will contain an amazing 60-100 hour single player campaign that is also playable in multiplayer mode. More than just a game, Fallout 3 will allow its players to step into the shoes of the Game Master to tell their own stories and create their own adventures in the spirit of pen and paper games using the powerful Neverwinter Aurora toolset.

There's no info on the game aside from this hype yet.

Well, I won't even comment on this... I just wonder what will happen to Carsten Strehse's brilliant plans for Fallout 3 now?