Untrue.
http://www.vg247.com/2013/06/13/todd-howards-next-game-looking-awesome-dont-expect-news-on-it-anytime-soon/
Zenimax's handling of the Elder Scrolls lore is a serious concern among longtime fans. Bethesda isn't going to chance the entire series on a game it has no control over...
Todd Howard (one of Bethesda's lead developers) has stated that the MMO is not canon to the single player series. This allows Zenimax to make the changes needed to be a successful MMO, and allows Bethesda to distance itself from the MMO if the ESO crashes and burns.
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