An update on the Bioware Blog revealed that the next title in the Mass Effect series will utilize the Frostbite 2 engine. Not much more was mentioned about the title aside from that. It is mentioned at the end that we probably will not hear anything else about the new Mass Effect title for awhile.
It was announced a few days ago that the team was working on a new Mass Effect title that would not include Commander Shepard in the lead role.