UPDATE: A trusted source has told Eurogamer that the new Hitman game is for next-gen platforms.
We've approached Square for confirmation and will update if it responds.
In addition, as detailed in a Gamasutra interview, IO Interactive will contribute to the project, with three developers moving to Montreal from Denmark.
Work on the game will start as soon as Square has recruited a capable team and nailed down exactly what sort of game it wants to make.
"We'll only turn the production taps on when we're ready, and we're clear on exactly what we are building," explained new studio head Lee Singleton.
"Our process follows best practice, and we will only go into production once we've build a robust and fun vertical slice that shows the necessary production metrics we need to plan out the full production."
Singleton added that this doesn't mean the Hitman franchise is being taken away from IO entirely.
"Square Enix Montreal will work in step with IO Interactive so we can both contribute great games to the Hitman franchise in the future. We will increase the frequency of game releases, but we have no plans to migrate the franchise to Montreal in its entirety," he said.
ORIGINAL STORY: A new Hitman game is to be the debut project at Square Enix's brand new Montreal studio, the publisher has confirmed.
No details about the title have been announced other than that it's "a new premium quality game".
The new Montreal office opens its doors in 2012, creating 150 new jobs. Lee Singleton, currently general manager of Square Enix London Studios, will head up the studio.
According to Square Enix's announcement, its remit is "building AAA games for tomorrow's audiences". Could the Hitman game be a next-gen project perhaps?
The other forthcoming entry in the Hitman franchise, IO Interactive's Absolution, is due for release on PC, PlayStation 3 and Xbox 360 some time next year.
Square Enix also revealed that Deus Ex: Human Revolution studio Eidos Montreal is expanding, with the addition of 100 new jobs. As well as the previously announced Thief 4 and continuing work on the Deus Ex franchise, it also has a third "AAA project" in the pipeline.
"We believe in creating studios where passion for our games and gaming runs throughout and Eidos-Montréal is testament to this vision," commented Square Enix Europe CEO Phil Rogers.
"The start up of a second studio brings a huge advantage to our business; we will nurture two separate studios with their own strengths, culture and appeal."