According to Lex Luddy, the editor-in-chief of Startmenu, there were discussions about getting Obsidian to work on another Fallout game as mentioned in a recent Giant Bomb podcast. Luddy supports the claim made by the podcast host Jeff Grubb, but notes that Obsidian was reluctant to take on another Fallout project as the studio is now focused on moving away from larger-scale projects. Luddy confirms that there is currently no Fallout game in development and states that it is highly unlikely that Obsidian will be involved in making the next Fallout installment.
She also mentions that discussions about Obsidian being approached for a potential Fallout: New Vegas 2 did take place, but it was not only Bethesda’s decision to turn it down. Obsidian themselves felt that such a project would be on a huge scale, which they have since chosen to step away from. She emphasizes that given their current direction, it is improbable that Obsidian will be chosen to create the next Fallout game.
Obsidian, founded by former Black Isle Studios employees who worked on the original Fallout games, has expressed occasional interest in returning to the series. Feargus Urquhart, the studio head, mentioned in 2023 that he would love to make another Fallout before retiring, but confirmed that there were no plans at the time. He also mentioned that their plate was quite full with projects like Avowed, Grounded, and Outer Worlds 2, and this situation has not changed.