Unreal Engine Action RPG in early development

Under the lead of producer Ryutaro Ichimura, Square Enix is developing a new (unique) action RPG which will be using the Unreal Engine 3. The only thing we know is that the game will not be a new Final Fantasy or Kingdom Hearts game and that they are currently looking for staff members.

Here's a scan from the latest Famitsu magazine showing some artwork from the game.