User blog comment:DeadpoolN7/Mass Effect 4/@comment-1504310-20121017211018

"With Mass Effect 3 we needed a more definitive conclusion because it is the end of Shepherd's story."

This was stated a while ago, so I really don't think Shepard will be part of this fourth game. They also said years ago now that they would not end with the trilogy anymore as the universe has become so rich they could do more in it. I for one fell in love with the ME Universe not the character through the novels and comics that were released, so no Shepard is not a big deal for me lol

source: http://www.pocket-lint.com/news/44753/mass-effect-3-casey-hudson