Warhorse Studios refuses to confirm or deny whether they're developing a Lord of the Rings game under Embracer's watch. The Kingdom Come: Deliverance 2 studio's evasiveness speaks volumes. Content director Ondrej Bittner stopped short of the full reveal, only stating the team works on "a huge, immersive RPG" without naming the IP.
This non-answer amounts to an answer. Studios don't dodge this hard without reason. Either Warhorse locked themselves into an NDA so tight they can't breathe, or they're building something substantial that Embracer wants kept secret. Given Embracer's sprawling Lord of the Rings licensing portfolio, the pieces fit.
If Warhorse truly develops a Middle-earth RPG, the timing works. They proved themselves with Kingdom Come's immersive first-person design and historical attention to detail. Those qualities transfer well to Tolkien's world. However, the studio needs to avoid the pitfalls that tanked other big fantasy RPGs. No bloated live service mechanics. No aggressive monetization schemes. No shipping half-finished.
The vague confirmation hints at real ambition here. "Huge" and "immersive" match Warhorse's design philosophy, not corporate buzzwords. We'll learn more when Embracer decides to lift the curtain. Until then, this teasing non-denial keeps speculation alive.