Developer Turbine has stated that it currently has an Xbox 360 and PS3 MMO in the works, bringing hope to those who still believe that this generation of machines can be the one to usher in a new console-driven MMO era.

Speaking at GDC Austin, the studios’ project development VP Craig Alexander said that the still unnamed project had been in the works for a year and a half and has so far cost the company $20m.

The exec also hinted that the game will be free-to-play – an increasingly common model in the MMO market. A release is expected in 2011.

Cryptic recently revealed that its Xbox 360 version of PC MMO Champions Online is “ready to go” but a release this year is unlikely as Microsoft is still thrashing out its internal 360 MMO policy.

In addition, Korean giant NCsoft recently admitted that its partnership with Sony to bring MMO titles to PS3 has been abruptly ended, asking yet more questions of the feasibility of MMOs on consoles.

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To date Final Fantasy XI and Phantasy Star Universe are the only console MMOs to make it to market in the current console generation. Sony also has two confirmed MMOs on the ways to its console – SOE’s The Agency and Square Enix’s Final Fantasy XIV.