Sources tell us that the developer is working on a massively multiplayer online (MMO) version of “Neverwinter Nights” with an eyed 2011 release.

Details about the project are unavailable, naturally, as it is an unannounced title. But this reportedly was the primary reason Atari was interested in acquiring Cryptic late last year. (The developer is currently working on “Champions Online” and “Star Trek Online”.)

Based on the third edition Dungeon and Dragons rules, “NWN” is a well-loved franchise. The first installment of the role-playing game was developed by fan-favorite Bioware in 2002. A sequel, developed by Obsidian Entertainment, came out in 2006 to slightly less favorable, but still solid, reviews.

Part of what made the game unique was its robust multiplayer component. Many players built persistent worlds, capable of hosting up to 75 players – in essence, mini MMOs of their own.

The new game represents a very big bet for Atari – perhaps as big as the company’s continued existence.