10 years until Unreal Engine 4?

According to the president of Epic Games, Mike Capps, the fourth Unreal Engine is currently being developed and will be available for the next generation of consoles (as in the PS4 and the follow up to the Xbox 360).

Capps said: "We've got Unreal [Engine] 4 in production right now... it's going to be in the next console generation - our rough guess is 2012 [to] 2018.

"Version 4 will exclusively target the next console generation, Microsoft's successor for the Xbox 360, Sony's successor for the Playstation 3 - and if Nintendo ships a machine with similar hardware specs, then that also. PCs will follow after that."

This is a real blow to Unreal Tournament fans as UT4 is scheduled to be released along side the new engine, which means a 4-10 year wait.