Obsidian didn't already have enough on its plate, with Alpha Protocol somewhere doing something and Fallout: New Vegas nuking this fall, the company is now in a "services agreement" to assist Red Eagle Games with The Wheel of Time titles. Red Eagle Games COO Larry Mondragon states that although his company is the producer and publisher, it "could benefit from supplementing small in-house technical and creative teams with a proven third party developer." The "first-generation of [the] Wheel of Time games" will be available on PC, Xbox 360 and PS3.
The last we'd heard about these Wheel of Time games was the distribution agreement hammered out with EA back in January 2009, a few months before that, the games were announced by the newly founded LA studio. If the fantasy nerds out there will pardon our mixed reference, the Eye of Sauron is watching this one.