Ubisoft took over the Might and Magic fantasy game franchise with the death of 3DO some time ago. Since then it has released a number of new games including Heroes of Might and Magic 5 (and two expansion packs) via developer Nival Interactive. Now the rumor mill on the Interwebs is rumbling that a new entry in the Heroes of Might and Magic series might be on the way.
Xbox360Achievements.org points over to a new job listing over at Gamasutra where they stated that Ubisoft's Shanghai offices were looking for a new lead game designer for "Heroes of MM". The story also stated that the designer would be working on a "brand new fantasy RPG title for the PS3, Xbox 360, PC, and Mac." However the current Gamasutra job listing seems to have deleted any mention of "Heroes of MM" or the "fantasy RPG" aspect of the gig. Therefore this is still in the rumor mill section for now.