Well there you have it a post on the ESEA forums spilled the beans.

Rumors:
• Planned to be released Q1 2012
• Focuses on 5v5 competition
• Press release within 24 hours from VALVe
• Plays on an updated source engine
• Individual & Team rankings
• New Guns added
• New Grenades
• Dust & Aztec major revamp
• Spamming still viable
• Ammo is free

Similar posts surfaced on the Steam Forums and those posts haven’t been locked by any Valve moderators at this moment.

ESL Pro manager Bastian Veiser gives the “Rumor” some more leverage with a Twitter post so it seems to be true.

Some time ago Valve held a community Poll where they asked the community what they wanted first/most a new Portal(2) game or a new CSS, seems Valve is living up to it’s words as Portal 2 has been released and was a major succes. Now it’s time for a new CSS or CS: GO game. It’s said more news will surface within the next 24 hours so stay tuned.