Brian Fargo, the man who founded and lost Interplay (due to the "declining PC market"), and later founded inXile Entertainment, responsible for the Bard's Tale massacre, has confirmed that he's "indeed looking into bringing back the game that spawned the Fallout series". Considering that:

a) inXile got the Wasteland license in 2003
b) inXile released the Bard's Tale in 2004 and started working on an announced project.
c) 1UP Managing Editor Garnett Lee said: "I think we are going to see a spiritual successor to Fallout One and Two from the guy who originally did Wasteland, and I'm just going to leave it at that."

It would be reasonable to see the game's announcement soon. Of course, the fact that the unannounced game is a "Next gen action adventure game" doesn't inspire much confidence, but let's hope that Brian will have enough sense not to compete with Bethesda for the prestigious "Rapist of the Year" award.

Spotted at DAC.