The new game is officially called Valkyria: Azure Revolution, and is considered a different series within the Valkyria universe to the three existing Valkyria Chronicles games.
Valkyria: Azure Revolution will still be an RPG with strategy elements, and it will introduce real-time combat elements as players take on the Valkyria Brynhildr, with the new game's protagonist named as Amleth. Media.Vision, who developed the third title in the Chronicles series, is behind Valkyria: Azure Revolution, which is set for release next autumn in Japan. We still await news whether we'll see it over in the west.
ORIGINAL STORY: Sega has unveiled an all-new Valkyria Chronicles in the latest issue of Famitsu, as well as announcing a remaster of the original 2008 strategy game for release on PlayStation 4 next February.
Sega's Valkyria Chronicles started on the PlayStation 3, where its wistful art style and turn-based strategy won it many fans. A sequel was launched in 2010 on the PSP, but the third title in the series never saw an official western release.
The fourth title in the series is called Valkyria of the Blue Revolution, and a demo will be included in the Valkyria Chronicles Remaster which launches on February 10th in Japan next year (thanks for the details NeoGAF). Will it see its way to the west? There's some hope given that the original Valkyria Chronicles saw a PC re-release late last year, and we've asked Sega to see if it has any plans.
While we wait for an official answer, read Paul Dean's wonderful retrospective on the original from 2012.