Just don't expect to see it any time soon.
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Bethesda's Todd Howard recently sat down with IGN for a new episode of IGN Unfiltered. The media outlet talked about a number of different subjects with the Bethesda executive producer Todd Howard, mostly focusing on the 10th anniversary of The Elder Scrolls V: Skyrim. However, one of the non-Skyrim topics briefly touched upon was the future of the Fallout franchise.

To that end, Howard says that the studio has an idea for Fallout 5. Yes, as it stands, Fallout 5 only exists as a tiny idea being kicked around at Bethesda. You have to keep in mind that Bethesda is busy working on Starfield and has already committed to The Elder Scrolls VI. Starfield is still over a year away from its planned November 11, 2022 release, and The Elder Scrolls VI is probably in the realm of a 2025 release at the earliest.

One thing that Howard didn't seem to be a big fan of was outsourcing the development of a new Fallout game to another studio. This did happen in the past with Fallout: New Vegas which was developed by Obsidian, so why wouldn't they go that route with Fallout 5?

"I don't see... Look, Fallout's really part of our DNA here. We've worked with other people from time to time – I can't say say what's gonna happen. You know, we have a one-pager on Fallout 5, what we want to do."
As IGN explains, a "one-pager" is a term used for a document that gives broad outlines for a project or idea. For a game, this could include a very broad plot outline, intended mechanics, target audience, and unique ideas. So yeah, Fallout 5 "exists" but only as the most basic of ideas. Maybe we'll see it happen when the PlayStation 6 and Xbox Ouroboros are released.