EA and BioWare are bringing back what is considered to be "the first great western RPG" in a new free to play title called "Ultima Forever".
The official website reads, "The first great Western RPG has been lovingly restored in Ultima Forever - return to the Ultima series in BioWare's new cross-platform action RPG. Accept the challenge from Lady British and save the land of Britannia. Play as the Fighter or the Mage and travel alone or with friends, restore virtue and become the Avatar!"
Richard Garriot, famed designer of the Ultima series, will not be involved however.
No release date was announced, but a beta sign up can be found below.
Source
Official Website/Beta Sign Up