Update: The press release is out. Duke Nukem Forever will be released for PC, PS3 and Xbox 360 in calendar 2011. The game is playable this week at PAX.
"All great things take time... a lot of time," commented 2K president Christoph Hartmann. "After a hiatus from the videogame world, Duke Nukem is back and better than ever. The return of the king from the glory days of shooters will satisfy our patient, die-hard fans, as well as a new generation of bubble gum-chewing, flat top and shades-wearing bad-asses. Make no mistake about it - Duke Nukem Forever is a testament to the era of when shooters were bodacious and fun."
Gearbox boss Randy Pitchford added: "Hail to the king, baby! It's unbelievable, it kicks ass and it's totally going to happen! Gearbox has enabled die-hard key Duke Nukem franchise builders and skilled veteran game makers to stand together and deliver.
"All gamers deserve a happy ending and after all of us gamers feeling the full range of emotions about Duke Nukem Forever, I am thrilled to be in a position with the trust, power and means to make it happen.
"Am I crazy?" he added. "Balls of steel, baby, balls of steel!"
A new Duke Nukem Forever website has been launched.
Original story: Following weeks of speculation, Borderlands creator Gearbox Software has been confirmed as the studio charged with picking up where 3D Realms left off and finishing development of shooter Duke Nukem Forever.
Gearbox CEO Randy Pitchford has just confirmed at PAX that it'll be released in 2011. A stream of the announcement showed attendees actually playing the game - some on Xbox 360.
"Clearly the game hadn't been finished at 3D Realms but a lot of content had been created," Pitchford told the Wall Street Journal. "The approach and investment and process at 3D Realms didn't quite make it and it cracked at the end. With Gearbox Software we brought all those pieces together. It's the game it was meant to be."
It'll have single-player and multiplayer. "Aliens come and say they're going to be our friends and Duke knows this isn't going to work out," Pitchford added. "Duke once again is in the pivotal spot and its up to him to save the world.
"We're in the polishing phase now. This is a game where we can not make a promise we can not fulfill. We need to get past the shock and awe and then we can go to all the retailers and first parties and work out a launch plan."
A raft of pictures have been posted online by attendees at the Penny Arcade Expo. Check them out below.
In June last year Gearbox was named as the studio behind spin-off title Duke Begins.
3D Realms went bust in 2009 after working on Duke Nuken Forever for hundreds of years. Publisher Take-Two sued the developer for failing to deliver the game in a reasonable time frame. They settled in May.