The Elder Scrolls Online will have a monthly subscription fee and will charge players £8.99 ($14.99/€12.99) per month to access the game.
It's the latest Elder Scrolls video game following the hugely popular Skyrim and Oblivion - and will be available for PC, Xbox One, PS4 and Mac in spring 2014. Users will have to buy Elder Scrolls Online like a normal game, then pay monthly to access it, like World of Warcraft.
Matt Firor, General Manager of ZeniMax Online (which owns game publisher Bethesda), told Gamestar: "The basic monthly charge will be $14.99/€12.99/£8.99 and expect some discounts if you buy multiple months at a time. We'll also support game time cards as well as a variety of payment methods.
"The Elder Scrolls Online offers unlimited play for the first 30 days with the purchase of the game. If you want to continue playing for hundreds of hours more after that first month you'll pay a flat fee for continued, unlimited access to the game."
It's a bold move from Bethesda and ZeniMax, considering the monthly subscription model hasn't been as popular in recent years. Many online games nowadays instead opt for a free-to-play model, where gamers pay small amounts for extras as and when they like, such as new characters, costumes or levels.
There are currently thousands of players taking part in the PC beta for The Elder Scrolls Online.
Previous Elder Scrolls game Skyrim has sold millions of units since going on sale in late 2011.