I was completely unaware that Bioware was even considering another Mass Effect game, but the co-founders of Bioware, Greg Zeschuk and Ray Muzyka, expressed a desire to continue with the series in a Forbes interview in 2011. The interview is pretty funny considering all of the things that have come to light since then, especially what they say about story telling and characters.
In a recent statement to VG247 Bioware Montreal has stated that “we don’t want Shepard 2,” so it would appear that the game is definitely being developed, or at least considered. It’s good that they don’t want the main character of the series to over stay his/her welcome (see Assassin’s Creed II-Revelations). At least this is a step in the right direction for them. Hopefully they will be able to follow through and not deliver the same old crap.
They also went on to say that the game will simply be contained within the Mass Effect universe, which is rich and deep according to everyone I know that’s played it (I have not), so there should be no shortage of material. Bioware is the same company that put out Knights of the Old Republic, so they are certainly no stranger to expanding already lush universes. Bioware is also the company that put out Star Wars: The Old Republic, however, so they certainly know how to mess it up big time as well.
Like all things, I suppose it has the potential to be great. If this goes over well it could bring Bioware back into favor with the gaming community, but it will likely be another stepping stone to extinction or irrelevancy for Bioware. It would be a cruel kind of irony if Mass Effect 4 ended up like Fable: The Journey.