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Microsoft could easily allow Activision to use the rights to PGR provided the game made is exclusive to the 360. Activision would be foolish not to take them up on it considering that PGR is already an established IP and a proven seller on the system.

Of course Bizzare is working on a racing game as we speak that is not PGR4 so who knows maybe their new series might be a hit across all platforms. Either way it's likely that the 360 will see another racing game from them.