Now the project has emerged as a kickstarter via Elastic Games. The team working on the project has expertise with Ubisoft, Epic Games, Electronic Arts and Crytek.
The lead designer at Elastic Games has said they've spent the past 6 months in pre-production: designing original characters, vehicles, environments, animation, storyboards and gameplay mechanics. Apparently the team also brought on real law enforcement advisors to provide tactical expertise, resources and knowledge.
The company requires $325,000 by Friday May 18th for the project to be funded. Their Kickstarter page can be found here.
However the game is not affiliated with Activision and will not be part of the Call of Duty series.