EA has confirmed that studio Danger Close, specifically set up to handle the Medal of Honorfranchise, is indeed working on the next title. Already hinted at from an earlier job listing, the new title has been confirmed. In a blog post entitled “In case you were wondering,” the studio says that “Yes, Danger Close is currently working on the next Medal of Honor.”
Executive producer Greg Goodrich says that the next title will listen to the comments received from fans of the franchise. While 5 million copies have indeed been shipped, Danger Close looks to surpass that. "Since our launch last October, we've studied, listened and absorbed much of your feedback and are very excited to be marching forward on the next title,” he said.
As for DICE’s involvement in the title, there has been no news on the matter. EA has stated that they are putting most of their resources into Battlefield 3 development.

