While we could be waiting a while longer to discover what the name of the title, Twisted Pixel Games seems to be a partner in this process. On their games page, the company state that they've finished working on an "unannounced console MMO" for Turbine. Twisted Pixel is a hire-for-contract console developer with a handful of XBLA titles under its belt as well as Blitz: The League II. Twisted Pixel claim to have helped, and that their part is finished, but they are otherwise mum on the project.
Still, it's great to hear that another Turbine game is on its way, and hopefully we'll hear more soon. The full statement is in the graphic above.