A post from a former Electronic Arts employee adds evidence that the previously mentioned next Medal of Honor game will be set in modern times. This would at first appear to be an effort to follow Activision's move with Call of Duty, but with a bit more of a realistic grounding.

In August, EA CEO John Riccitiello confirmed that there is some kind of new Medal of Honor game coming out when speaking on this year's Q1 earnings. "Somewhere out there is Medal of Honor," said Riccitiello. "We're not yet in a position to discuss specific plans, but we will do so in due course." The last Medal of Honor game was the 2007 Airbourne.

According to a post on JeuxVideo a year earlier, the next Medal of Honor game might be based on Operation Anaconda – a real mission that happened in Afghanistan in 2002. That by itself could set the game apart from Call of Duty's Modern Warfare titles, which have had to make up fictional wars.
The most recent report on the story comes from a LinkedIn post from a former production intern who worked at EA during the summer of 2008. "Worked on a Medal of Honor modern combat title in various roles, including design and software engineering."

It seems that there definitely is a new Medal of Honor being made, and it would make sense for the franchise to finally move away from World War II. Anything else however is still pure rumor at this point.