Frontier Developments chairman David Braben has told Eurogamer that the studio is still determined to develop and release Elite IV.
Eurogamer has been told by multiple sources that the game was in pre-production stages until recently but has since been put on hold.
"We don't comment on rumours," Braben told us in response. "There have been recent staff changes on the project, and our commitment to the game is as strong as ever."
The game was originally mentioned several years ago in connection with PC and consoles, and our sources confirmed that these were the target platforms.
The original Elite, an open-ended space trading game, was written and developed by Braben and Ian Bell and released for numerous platforms in the 1980s.
It was followed by Frontier: Elite II and Frontier: First Encounters in the early nineties.
Frontier Developments is also working on The Outsider, about which relatively little has been heard, although our sources indicated that a huge team is in full production on the multi-platform techno-thriller.