While we know that another BioWare title is being worked on that takes place in the Mass Effect universe, it should be known that it will not be Mass Effect 4.
Chris Priestly, community coordinator at BioWare Edmonton, said that calling the next game Mass Effect 4 would be misleading, and possibly be a “disservice” to the first trilogy. And that the story of Commander Shepard is definitely over.
“Thinking of the next Mass Effect game as Mass Effect 4 would imply a certain linearity, a straight evolution of the gameplay and story of the first three games."
"That doesn’t mean that events of the first three games and the choices you made won’t get recognized, but they likely won’t be what this new story will focus on, The Mass Effect universe is so rich that we are not limited to a single track when coming up with a new story."
We're totally behind another Mass Effect title, especially if it's a new direction in the universe.