Develop's source says that Microsoft is in talks with several European devs to take the license, seeming to indicate that Turn 10 (Forza) would not take the wheel, as has been previously rumored. When we spoke with Microsoft Game Studios boss Phil Spencer in September, he told Joystiq, "We don't have a developer for PGR," lending some credence to the story. Lending further credence: his affection for the series. "I love PGR," he told us.
"We were talking about it just a couple months ago," Spencer continued. "We don't have any plans for it right now but I do know that most of our team that worked on PGR are still in the studio. So, at some point, I can still see us doing something with it if we find the right opportunity and the right team. We could make something happen." So, it's a hunt for developers then! If we were Microsoft, we'd work something out with Disney to bring on Brighton-based Black Rock Studio (Split/Second) to handle it, but you'd be shocked how rarely we're consulted on these things.