Fallout 4 has been in development since 2011 under a small team, according to a latest rumor. The game was apparently shown behind closed doors at E3 and there was a 37 second trailer and a 45 minute presentation as well.
The game is in development for current and next gen consoles, however, the platforms aren’t confirmed yet. The game is expected to be released in 2015 and will be officially shown before E3 2014. The game is supposedly 55% complete but the voice recording is yet to start.
The game is set in Somerville, Cambridge and just like the previous rumors, Boston seems to be the place where the entire game will be based on.
Take this with a massive pinch of salt as nothing is confirmed yet. The game is widely expected to be in development at Bethesda and the development has ramped up following the completion of Skyrim DLCs.