According to recent job listing at Volition (Red Faction: Armageddon) the studio has a new action RPG franchise in the works. Specifically, the listing notes that the studio is "collaborating with a high-powered creative talent in the entertainment industry to develop this original, unannounced franchise." It wouldn't be the first time Volition has delved in role-playing territory; the studio previously released Summoner for the PS2 and PC.
1UP also points to the resume of Volition's Jason Hayes (dug up by Superannuation and now seemingly pulled), which lists a project called "Downfall," apparently in development since 2004, though it's unclear if the two projects are related. With Volition making the new action RPG project public knowledge -- even announcing the job listing on its Twitter account -- hopefully we'll have more info soon.