Blizzard's Third Game Code Named Hydra?

The Inquirer is reporting that Blizzard's previously confirmed third title in development is internally referred to as "Project Hydra." This information is based on discussions that took place at the Austin Game Developers Conference, so consider it unconfirmed at this point.

Could this be why they're currently hiring for a "next-gen MMO"? Or will this end up being a standard Diablo sequel?