Turbine Inc., developer of the criminally underloved Lord of the Rings Online, is currently at work on a Massively Multiplayer Online title for release on home consoles.

That news comes from a presentation given by Turbine’s VP of Product Development Craig Alexander.

Alexander adds that the game is initially planned as an Xbox 360 and PlayStation 3 release and that though it has two years of development and $20 million behind it already, the firm is targeting a nebulous, distant “early 2011” release window.

As for plot or setting, the company is being very mum on the subject, though MMO fan site Massively believes the game is a brand new intellectual property.

While Turbine refuses to clarify its console MMO plans any further, the developer has vowed to explain everything sometime in 2010.

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