In reports breaking in various Japanese publications this morning, Final Fantasy overlord Hironobu Sakaguchi has pledged to launch a new development studio called (in a showing your age style) Mist Walker.
The studio, to be launched with the co-operation of Square Enix, is also expected to see input from seminal Square artist Yoshitaka Amano of Final Fantasy, Front Mission Rebus et al fame.
There has been no mention of any specific title as yet, though Sakaguchi-san has stated that RPG titles for all next-generation consoles are being considered.
Expect clarification on this within the next two weeks.