Today reports have emerged through GamePointsNow that a new Borderlands title may in development by 2K Australia. It will allegedly be out later this year, and available on Xbox 360, PS3 and PC. Officially 2K haven’t said a word, but the details are quite convincing.

This new entry to the series will supposedly take place between Borderlands 1 and 2, with a younger Handsome Jack, going by John, taking centre stage. In the game you will be able to take on the role of one of Jack’s lieutenants as either Athena The Gladiator, Wilhelm The Enforcer, Nisha The Lawbringer, or Fragtrap, a military claptrap, as Jack tries to hunt out an alien artefact.

The game will be set on Pandora’s moon, Elpis, and the Hyperion Space station, which can both be seen in the sky during Borderlands 2. Complete with low-gravity and lack of oxygen, the game will feature jet-packs to aid with movement and lootable oxygen kits, or Ox-Kits, to keep you alive. The setting adds whole new ways to face off with enemies, as you can send them floating off into space with a well placed grenade, or simply smash their helmet in to deprive them of oxygen.

Of course there will also be a mountain of weapons in the game, complete with two new additions. There will be Laser guns to complete the space theme, and Cryo weapons to freeze and shatter your opponents, adding yet more new dimensions to the game.

While these are just rumours for now, if Borderlands 1.5 is to be announced you can probably expect to hear from it this weekend at the PAX East event. If the teasing is just too much and it all turns out to be a story after all, at least you still have Telltale’s Tales from the Borderlands to look forward to.