It was in development at Free Radical from 2007-2009. Then canned. Then and now its been handed over to Spark Unlimited or so it is said. Still rumor til its officially announced. Been in the works there for awhile. Lucasarts just signed a deal with Unreal Engine 3.x in the past 6 months. So its likely being built on that engine. Not bad, but not perfect. Still though its an upgrade. Likely to be announced at one of three events. VGA 2011(December), GDC 2012 (March 2012), or E3 2012 (June 2012).
There is also an open world RPG in the works by Lucasarts as well as a First person shooter? Likely Star Wars KOTOR or KOTNR possible RPG and FPS could be Jedi Knight/Republic Commando. Also rumor of third person action/adventure title and space flight game in the works. FU 3 and um.. something new?