Word on the street is that Raven’s rumored James Bond title, which was shelved earlier this year, is back in development.

G4tv reported back in May that Raven, best known for games like Heretic, Hexen and Soldier of Fortune, was one of the studios caught in the gravity well of the imploding Infinity Ward. While one Raven team wrapped up work on Singularity, the FPS that came out earlier this year, another was pulled off the “stealth-centric James Bond game” it was working on so it could make map packs for Treyarch’s Call of Duty: Black Ops instead.

But with Black Ops done, it looks like Bond James Bond may yet return to Her Majesty’s Secret Service. According to James Bond fan site MI6, the game has once again been given the green light and work is now underway. Another reason for the resumption of work, the site claims, is the recent approval of MGM’s bankruptcy plan by a U.S. court. The storied film studio revealed in April that it was in financial straits, a situation that also brought plans for the next James Bond film to a halt.

It’s all rumor at this point, so obviously there’s no word on when it might be released. With such a long delay in development, however, expecting anything before the 2011 holiday season at the very earliest would be extremely optimistic.

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