Oblivion Online?!?!

I've heard a couple rumors swirling around the internet dealing with the Elder Scrolls turning into an MMO (Massively Multiplayer Online). I have never played any MMO before, such as World of Warcraft, as I don't want to get sucked into that world that I have heard is very addicting and hard to turn away from. I don't have enough time to sit in front of a computer for that long. But this news story interests me. I loved the Elder Scrolls IV Oblivion and would love to see where an online version would go but I, being stingy with my money, would probably not buy it unless it was a new iteration and had a quality single player too. This probably won't come out for several years so we have time to wait.