"The Elder Scrolls 6" is definitely in the works. Though it is still uncertain when it would be finally released as "Fallout 4" tops Bethesda's priority. However, the latest reports indicated that the developer may give fans a glimpse of what they want in 2016's E3 this June.
For now "Fallout 4" is primarily the main focus of the company and that means "The Elder Scrolls" game may be delayed a bit more. According to Neurogadget. Bethesda's time schedule will prioritize "Fallout 4" then followed by "Skyrim 2." After that, the "The Elder Scrolls 6" would come out.
Following the company's timing, "TES 6" would probably come out sometime on 2019 or 2020 as it would also go along with the "The Elder Scrolls." quadrennial release pattern. A fixed date on "The Elder Scrolls 6" release remains a question as Pete Hines, VP of Press Release and Marketing at Bethesda did not comment on it. However, he did mention that the team responsible for the game is creating detailed work that most fans would love.
Some fans are speculating that "The Elder Scrolls 6" might adapt some settlement system from "Fallout 4." Fans are mostly getting hooked up with this feature in Fallout 4 Wasteland Workshop DLC so some are speculating that this would come in play with "TES 6."
Admittedly, the two games are different and as of now nothing has been announced regarding "The Elder Scrolls 6" settings. Regarding the game's development, they will stick to who they are, which would mean "TES 6" will be different from "Fallout 4," according to Hines.
Because of the many speculations surrounding "The Elder Scrolls 6" release and features, fans would really have to wait if Bethesda may have something for the fans this coming Electronic Entertainment Expo (E3) 2016 that will happen in L.A. And if they do, we might finally get answers regarding the game's development.