Rumor alert- Official Xbox Magazine is reporting that Halo 4 is not being developed by Bungie Studios. Instead, the title is being created by Gearbox Software, and will be the launch title for the next Xbox console. Last February, Gearbox boss Randy Pitchford hinted that his company was working on something big, and that he would be directing it. But could it be this big?

Gearbox is no stranger to the Halo series, as they’re the guys who revamped it for release on PC. They’ve also developed tons of great first person shooters, starting with some of the expansions to Half-Life and then creating their own successful series with Brothers in Arms. They’ve got another sequel to that on the way and also the eagerly anticipated Alien FPS they’re creating for Sega.

So perhaps the company would be the perfect fit for the series, and could do something about mending the broken and boring campaign mode of Halo 3. Course, if they could do it by launch of the next console (which hopefully is years and years away) it would be huge no matter who made it.