UPDATE 1.45PM BST: Oh look, the official Arena of Fate website is live. Mentions characters Fenrir, Tesla, Joan of Arc, Robin Hood and Little Red Riding Hood. You can sign up for the beta there too.
UPDATE 1.30PM BST: It's official. It is a kind of MOBA, although details are thin.
Battles are five versus five, and characters are people such as Frankenstein, Jack the Ripper and Baron Münchhausen. Game director Vesselin Handjiev mentioned Robin Hood, Joan of Arc and Little Red Riding Hood, although it wasn't clear whether they're in the game or he's simply selling the premise.
Crytek Sofia in Bulgaria, which made Knights of Honor and WorldShift, is making it.
Last but not least, Arena of Fate is part of Crytek's games-as-a-service idea, which I can't find much more information about. I can find the subscription-based CryEngine-as-a-service idea, so presumably this follows a similar kind of thinking.
I pressed Crytek about which consoles the game was coming to but was told nothing more. Perhaps deals are still being signed.
The game's going to be at E3 and beta tests start on PC this summer.
ORIGINAL STORY 10AM BST: Crytek has released a teaser video announcing PC "and consoles" game Arena of Fate, due summer.
It's probably a multiplayer online battle arena game (MOBA), in the vein of Dota 2 or League of Legends.
Arena of Fate is described on YouTube (via VG247) as an "action-packed online multiplayer game", in which you step into the shoes of "legendary heroes from history and fantasy". Then there's the word "Arena" in the game's title, and a shot of two heroes going head-to-head in the CGI trailer.