OK. Let's recap, shall we?
Todd Howard and Pete Hines at Bethesda Game Studios have both emphatically stated that they're going to do another Elder Scrolls game, and strongly implied that they themselves (as in, their team) was going to be on it.
ZeniMax Online Studios is working on a "World of Warcraft-style" MMO that isn't Fallout (according to court documents) so what the hell else could it be? Well, since the only other IP ZeniMax owns with that kind of commercial potential is TES, well...doesn't take a genius to figure it out. We kind of already knew this.
Bethesda Game Studios is not ZeniMax Online Studios. Therefore...
Ten bucks says we get a singleplayer TES5 for the SP crowd (and Bethesda knows damn well that most of its audience plays Oblivion and Fallout 3 precisely BECAUSE they are singleplayer, their own forum people and forum people everywhere else on the Internet have said so in so many words!) and a TES Online for the multiplayer types and the people they could convince to take a flyer on an MMO if it were set in the Elder Scrolls universe.
Everybody wins!