UPDATE: It turns out that the news below is completely inaccurate. Sorry folks. This happens sometimes in the mad rush to cover breaking news on the Internet. I'm not proud of it, but I'll own my part in helping to spread it. According to an EA spokesperson, "At no time did EA or BioWare provide any answers to questions from Gamer Syndrome." The source link has also been updated to reflect the inaccuracy of the report. All of which means there's nothing else to see here. The next Mass Effect will arrive when it arrives, but there's no official word yet on when that will be.
ORIGINAL POST: It shouldn't exactly come as a surprise for most of you to hear this, but BioWare's next Mass Effect game is two or more years out from release as of this moment. Producer Mike Gamble revealed that "full development on the game started a month or two ago" in a chat with Gamer Syndrome (via Joystiq), adding that fans can expect to see it in "late 2014 to mid 2015."
Next up for BioWare is Dragon Age 3; both it and the future Mass Effect game will be built on the increasingly ubiquitous (at least when it comes to EA titles) Frostbite 2 engine. Gamble revealed that Mass Effect series producer Casey Hudson is "very much involved" in the upcoming game and that fans can expect to hear more in 2013. And hey, look at that. 2013 is slightly more than two weeks away.