Update 1 - 5/29/13: As more information comes flooding in regarding this title, new information is around every bend. It turns out Ivory Studios is also involved with this project, as they were reported to be working on a successor to the "Test Drive" series. Check out the screenshots for renders of what the team has been working on, according to GTplanet. These images are not verified, but could be an indication of what to expect, if legitimate.
Furthermore, Reflection Studios is also handeling the driving portions of the upcoming "Watch Dogs" title. Lastly, this may not be a simulation racer nor action racer, but something "different" - only E3 will tell...
Last month, Ubisoft released their financial reports for the year of 2012. During the report, mention of "two unannounced titles" was put forth, with one being an "all new" series that "we never heard of." As it turns out, the one we have heard of is Rainbow Six: Patriots (click here) under development by Ubisoft Toronto.
As for that "all new" series that no one has heard of? Chatter started on various french websites regarding a "racing" title in the works (source below). Today, a source confirmed that Ubisoft has been working on an all new racing franchise called "The Crew," being developed by Ubisoft's Reflection's Studio. It's been described to me as a "realistic title, possibly being positioned against Forza and Gran Turismo." Very little information was given, but if true, we should see an announcement and possible trailer this E3. The title is said to be for the Xbox One, PlayStation 4 and possibly current generation consoles.
Whats you're thoughts on Ubisoft possibly entering the racing arena with the likes of Forza and Gran Turismo? Let me know by following me here, on Youtube at Youtube/Pitmonkey, or on twitter @NicholasGigante.
Source for confirmation also responsible for this