Crytek Across the World on Develop is an article from about a week ago profiling the various arms of Crytek (thanks Joystiq via GoGamingGiant). The profile of Crytek UK (formerly Free Radical Design) describes a new IP they are currently "concepting" in remarks that also mention the FPS genre, though it's not clear if the new IP is a shooter. Here's word:

"We are currently concepting up an original IP that we hope will become a defining game series for the UK studio,” reveals Karl Hilton, studio manager. “However, in reality, the opportunity to make any kind of original FPS genre game where we get to focus on the quality of both the multiplayer and single player experience is what drives people at the studio. We have a strong history of creativity here, and we want to take that forward with Crytek and the CryENGINE 3."