Well if it is a "High Profile Futuristic racing franchise" then it's quite possible it could be Wipeout.

I wouldn't call Motostorm futuristic, well not in it's present guise.

If it's a new Wipeout then why did Sony lay off a great number of long term SL design team members in Feb?
Colin Berry said that Sony had decided that there wasn't going to be another Wipeout after FURY, work on it was to stop.
This was decided on by reasoning that racing games popularity generally speaking goes in cycles.
Which apart from Wipeout tends to be true from what I've seen over the years

So is this going to end up the greatest own goal in game producing history, having to rehire staff to make a game that Sony canned less than 12 months ago?
Wouldn't surprise me, some truly dreadful decisions have been made by those in charge at Sony over the last few years.
If it does end up being Wipeout.
Are they going to be making a new Wipeout for launch of the PS4?
Or a more likely scenario.
Are they going to be making a port of HD/FURY for the PSP2?

Time will tell.
I'm not going to get my hopes up