Update: Misread the producer part a bit. The producer is actually “Keiji Shooting Star Inafune”… which isn’t Inafune himself, but someone who has been given this new zany name.
Mugen Souls Z is in the works for the PlayStation 3. Mega Man creator Keiji Inafune is acting as the project’s general producer. Kenta Kanno is directing. Tenpei Sato, who has produced music for Phantom Brave and the Disgaea titles (among many others), is lending his support.
Actual gameplay details are light at the moment, but a vague Spring 2013 release has been confirmed for Mugen Souls Z.
A teaser trailer can be found above. Check out the teaser site here.