After a string of teaser trailers got fans excited about the possibility of a new MechWarrior game, it's now official: a new entry in the franchise is under development. However, this won't be a sequel to 2002's MechWarrior 4, but instead will be a reboot for the long-running series.

The game is being jointly developed by Vancouver-based Piranha Games and Smith & Tinker, a company made up of former members of the now defunct FASA. After forming the company in 2007, Smith & Tinker co-founder Jordan Weisman was able to secure the rights to the MechWarrior franchise from Microsoft, along with other prominent intellectual properties like Shadowrun and Crimson Skies.

IGN was able to get some early details on the game, which include plans for a single-player campaign, four-player co-op campaign, as well as numerous multiplayer modes. The game will also reward players for picking a specific mech and sticking with it, providing upgrades like increased accuracy and more powerful weapons. This feature is also expected to give the game a lot of replay value, as playing through with different mechs should provide very different experiences.

There's currently no word on a release date, and the developers are still in the midst of finding a publisher for the game, which will be coming to both the PC and Xbox 360. In the meantime, check out the debut trailer below.