Despite rumours to the contrary, Crytek has denied that it is currently developing a fourth entry in the TimeSplitters series. The company joked in a statement to CVG that it had attempted to employ the infinite monkey theorem to develop the game, but ran over budget after purchasing seven monkeys. The developer continued that thus far the chimps "haven't written any code but just tease the press from time to time”. Brilliant.
Rumours of a new TimeSplitters title have been doing the rounds for years now, but recently spiked when Official Xbox Magazine claimed to have seen the game in action. This is why you should never trust Microsoft endorsed publications.