"Call of Duty 5 has recently been confirmed by Activision Blizzard, shortly after the company merger. But there has still been no word on who will develop it. There have been several rumors that Infinity Ward, who developed the latest game in the Call of Duty franchise, Call of Duty 4, will NOT be developing the next installment, if so, chances are that it will go to Treyarch, who developed Call of Duty 2: Big Red One and Call of Duty 3. If Call of Duty 5 does go to Treyarch chances are that the game will be restricted to consoles only, seeing that Treyarch is traditionally a console-only developer.
According to Gameplayer, Activision has said they plan on releasing a Call of Duty game each year -- basically one developer will certainly not be enough since Infinity Ward generally takes two years to develop each game. (This is what happened with Call of Duty 3 and Treyarch)
The Call of Duty franchise was initially a PC-only game. With the release of Call of Duty 2, PC gamers were outraged only to learn that Infinity Ward had simply ported the console version to the PC. Call of Duty 3, the console exclusive, was developed by Treyarch as well it's predecessor Call of Duty 2: Big Red One for the original xbox and ps2. Call of Duty 4 was developed and released (November 6th, 2007) by Infinity Ward for all platforms.
Brief History of Call of Duty: Call of Duty: Infinity Ward (PC) Call of Duty: United Offensive -- Gray Matter Interactive, now known as Treyarch (PC) Call of Duty 2: Infinity Ward (PC, Consoles) Call of Duty 2: Big Red One -- Treyarch (Consoles) Call of Duty 3: Treyarch (Consoles) Call of Duty 4: Infinity Ward (PC, consoles) Call of Duty 5: ???"