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No it's not, I'm afraid. Blizzard hasn't officially announced a third rendition of the classic action RPG yet. However, for those who absolutely can't wait to get their hands on a traditional Diablo-esque game you need only wait for Mythos, an [M]MORPG being developed by Flagship Studios.

Anybody who knows anything about Flagship Studios will know that it is mostly comprised of former Blizzard North members, which was the same development studio that actually developed Diablo 2. This is why it comes as no surprise that their newest [M]MO, takes on a very similar shape and feel. Combine that with Travis Baldree (creator of the game FATE) and you have yourself the workings of what looks to be an awesome action [M]MORPG.

Set in a post-apololyptic fantasy world the game the game will employ the use of a multitude of races/classes, as opposed to Diablo which featured 5 classes originally (expanded to 7 with xpac) and only the human as a playable race. Some examples of races and classes are:

Humans
Satyrs
Gremlins
Bloodletter
Gadgeteer
Pyromancer
The game will employ thousands of players in the world while allowing them to group up and head off into randomized instanced dungeons (much like Diablo). It is fairly typical stuff for this style of gameplay, however, couple this with the fact that the game will be free to download and free to play and you have yourself a winning combination. Flagship is promising some unique advantages for those who wish to subscribe, but it is not mandatory. Let's just hope they give us something a little more useful than what they did for Hellgate: London subscribers.

The game is supposed to get released sometime soon, but as far as I can tell, no hard release date has been nailed down. IGN still has a tentative TBA 2007 on it's information board, which probably is not going to happen. Those looking for more detailed information can find it in the links below (we are currently looking into getting a preview of our own up soon):