Well, not maybe planning a completely new IP as of yet, but Infinity Ward is definitely considering the possibilities of being able to start one, some day.
As you know, Infinity Ward is pretty much known for their work in the Call of Duty franchise, and that’s pretty much it. Their work has been phenomenal, but then again, they should really broaden their horizons to games other than that of the Call of Duty franchise. They said that they would like to do something new, and are using their mentality of doing something new with the game you all love that is coming up, Modern Warfare 2.
As you may have noticed, for those of you who were watching the news of Modern Warfare 2 closely, they took out Call of Duty from the title. This is simply because they are now thinking of Modern Warfare 2 as their title, and are doing new things to it as their title. Though it may be regarded to some as Call of Duty: Modern Warfare 2, they do not actually embrace that name within the game.
Though, Infinity Ward states that when they feel that they are unable to innovate the Call of Duty franchise any more, they will have to move on to bigger, better, things such as a new IP.