Japanese developer Game Republic, which is headed up by former Capcom director Yoshiki Okamoto, has presented a project to Microsoft Japan - and hopes to be given a green light to develop the new title shortly.
News of the meeting came through Okamoto's own website, where he informed readers through his diary that Game Republic had made a presentation to Microsoft, but did not enter into any detail about the new project, although given the time span involved in developing new projects, it's fair to assume it would have been a title planned for the next generation Xbox platform.
However, he did say that "Game Republic has confidence" with regards to the outcome of its negotiations with Microsoft, and that the company will be filing some patents with regard to the project in question.
A long-serving executive director at Capcom, Okamoto was involved with franchises such as Resident Evil and Street Fighter before he retired from the company last summer to set up Game Republic. A well-known figure in the Japanese industry, is also principal of a game development school at a Japanese university, and hosts his own TV show where he interviews key figures from the games industry.
Game Republic now has three studios - in Nagoya, Osaka, and Tokyo, with the latter studio known to be working on a new title for an as yet unannounced platform.
If so, this will represent a small coup for Microsoft, which has come under fire recently for failing to deliver Xbox software from key Japanese developers - with Level 5's eagerly anticipated massively multiplayer title True Fantasy Live Online being cancelled last month, while impressive looking action title Phantom Dust now won't be launched outside Japan.