Sources are telling us that Bizarre Creations, which is best known for its racing titles, is hard at work on a new racer for Activision. According to what insiders are telling us, the racing/driving game is none other than a 007 title to be called James Bond: Bloodstone.

From what we have been able to dig up, the yet to be announced 007 racer will not be based on a Bond movie, but will instead draw from a variety of material for an original experience. While details are sketchy, the game itself is said to feature racing/driving as the main component of the game to complete a variety of missions.

According to what we have been told, you can expect Activision to announce more details about the title at E3, as well as an expected delivery date for the Xbox 360 and PlayStation 3. It is possible that the title may also be in development for release on the PC as well as the Wii. We think that a release on the PC is likely, but it is difficult to say if the Wii is in the plan. While the title might arrive in time for the holidays, we are told it is more likely that it will be released next year.